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Cameco Corporation

2025 consolidated financial statements

February 12, 2026

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 1

Report of management’s accountability

The accompanying consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Management is responsible for ensuring that these statements, which include amounts based upon estimates and judgments, are consistent with other information and operating data contained in the annual financial review and reflect the corporation’s business transactions and financial position.

Management is also responsible for the information disclosed in the management’s discussion and analysis including responsibility for the existence of appropriate information systems, procedures and controls to ensure that the information used internally by management and disclosed externally is complete and reliable in all material respects.

In addition, management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. The internal control system includes an internal audit function and a code of conduct and ethics, which is communicated to all levels in the organization and requires all employees to maintain high standards in their conduct of the Company’s affairs. Such systems are designed to provide reasonable assurance that the financial information is relevant, reliable and accurate and that the Company’s assets are appropriately accounted for and adequately safeguarded. Management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the criteria established in “Internal Control – Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s system of internal control over financial reporting was effective as of December 31, 2025.

KPMG LLP has audited the consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States).

The board of directors annually appoints an audit and finance committee comprised of directors who are not employees of the corporation. This committee meets regularly with management, the internal auditor and the shareholders’ auditors to review significant accounting, reporting and internal control matters. Both the internal and shareholders’ auditors have unrestricted access to the audit and finance committee. The audit and finance committee reviews the consolidated financial statements, the report of the shareholders’ auditors, and management’s discussion and analysis and submits its report to the board of directors for formal approval.


Original signed by Tim S. Gitzel		Original signed by Heidi L. Shockey
Chief Executive Officer		Senior Vice-President and Chief Financial Officer
February 12, 2026		February 12, 2026

2 CAMECO CORPORATION

Report of independent registered public accounting firm

To the Shareholders and Board of Directors of Cameco Corporation

Opinion on the consolidated financial statements

We have audited the accompanying consolidated statements of financial position of Cameco Corporation (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in equity and cash flows for each of the years then ended, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 12, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit and finance committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of recoverability of the deferred tax asset

As discussed in note 20 to the consolidated financial statements, as of December 31, 2025 the Company has recorded deferred tax assets of $666,457,000. The realization of these deferred tax assets is dependent on the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. Based on projections of future taxable income over the periods in which these deferred tax assets are available, realization of these deferred tax assets is probable. As discussed in note 5D, the calculation of income taxes requires the use of judgment and estimates. The determination of the recoverability of deferred tax assets is dependent on assumptions and judgments regarding future market conditions and production rates, which can materially impact estimated future taxable income.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 3

We identified the assessment of the recoverability of the deferred tax assets as a critical audit matter due to the high degree of judgment required in assessing the significant assumptions and judgments that are reflected in the projections of future taxable income.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s assessment of the recoverability of the deferred tax assets, including controls related to the assumptions and judgments used in the projections of future taxable income. To assess the Company’s ability to estimate future taxable income, we compared the Company’s previous forecasts to actual results. To assess the Company’s estimate of future taxable income, we evaluated certain significant assumptions in the projections. We compared future market conditions of forecast uranium sales prices to published view of independent market participants. We compared forecast production rates to historical data, board approved budgets and life of mine plans. We involved income tax professionals with specialized skills and knowledge to assist in assessing the Company’s application of the tax regulations in relevant jurisdictions.

Original signed by KPMG LLP

Chartered Professional Accountants

We have served as the Company’s auditor since 1988.

Saskatoon, Canada

February 12, 2026

4 CAMECO CORPORATION

Report of independent registered public accounting firm

To the Shareholders and Board of Directors of Cameco Corporation

Opinion on internal control over financial reporting

We have audited Cameco Corporation’s (the “Company”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statements of financial position of the Company as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in equity and cash flows for each of the years then ended, and the related notes (collectively, the “consolidated financial statements”) and our report dated February 12, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of management’s accountability. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 5

Original signed by KPMG LLP

Chartered Professional Accountants

Saskatoon, Canada

February 12, 2026

6 CAMECO CORPORATION

Consolidated statements of earnings


For the years ended December 31 ($Cdn thousands, except per share amounts)	Note	2025			2024
Revenue from products and services	17	$	3,481,933		$	3,135,772
Cost of products and services sold			2,218,566			2,072,488
Depreciation and amortization			293,094			280,702

Cost of sales	27		2,511,660			2,353,190

Gross profit			970,273			782,582
Administration			311,250			253,150
Exploration			27,630			19,419
Research and development			38,467			36,540
Other operating income	15		(28,333	)		(37,683	)
Loss on disposal of assets			3,117			1,042

Earnings from operations			618,142			510,114
Finance costs	19		(115,175	)		(147,171	)
Gains (losses) on derivatives	25		95,017			(183,103	)
Finance income			23,172			21,228
Share of earnings (loss) from equity-accounted investees	11		216,386			(10,844	)
Foreign exchange gains (losses)			(61,740	)		65,517
Other income			1,459			975

Earnings before income taxes			777,261			256,716
Income tax expense	20		187,719			84,874

Net earnings		$	589,542		$	171,842

Net earnings (loss) attributable to:
Equity holders			589,577			171,853
Non-controlling interest			(35	)		(11	)

Net earnings		$	589,542		$	171,842
Earnings per common share attributable to equity holders:
Basic	21	$	1.35		$	0.40

Diluted	21	$	1.35		$	0.39

See accompanying notes to consolidated financial statements.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 7

Consolidated statements of comprehensive income


For the years ended December 31 ($Cdn thousands)	Note	2025			2024
Net earnings		$	589,542		$	171,842
Other comprehensive income (loss), net of taxes:	—		—
Items that will not be reclassified to net earnings:
Remeasurements of defined benefit liability¹	24		(684	)		(2,276	)
Remeasurements of defined benefit liability - equity-accounted investee²			25,101			19,585
Items that are or may be reclassified to net earnings:
Exchange differences on translation of foreign operations			(71,089	)		132,933
Gains (losses) on derivatives designated as cash flow hedges - equity-accounted investee³			(35,675	)		11,889
Exchange differences on translation of foreign operations - equity-accounted investee			132,809			(10,646	)

Other comprehensive income, net of taxes			50,462			151,485

Total comprehensive income		$	640,004		$	323,327

Other comprehensive income (loss) attributable to:
Equity holders		$	50,463		$	151,483
Non-controlling interest			(1	)		2

Other comprehensive income for the year		$	50,462		$	151,485

Total comprehensive income (loss) attributable to:
Equity holders		$	640,040		$	323,336
Non-controlling interest			(36	)		(9	)

Total comprehensive income for the year		$	640,004		$	323,327

¹	Net of tax (2025 - $431; 2024 - $969)

²	Net of tax (2025 - $(7,236); 2024 - $(6,217))

³	Net of tax (2025 - $11,457; 2024 - $(4,272))

See accompanying notes to consolidated financial statements.

8 CAMECO CORPORATION

Consolidated statements of financial position



As at December 31 ($Cdn thousands)	Note		2025		2024
Assets
Current assets
Cash and cash equivalents			$	1,114,860	$	600,462
Short-term investments				99,603		—
Accounts receivable		6		360,312		346,800
Current tax assets				11,974		2,579
Inventories		7		843,989		826,863
Supplies and prepaid expenses				169,339		145,390
Current portion of long-term receivables, investments and other		10		39,138		1,093

Total current assets				2,639,215		1,923,187

Property, plant and equipment		8		3,325,077		3,286,515
Intangible assets		9		36,162		39,822
Long-term receivables, investments and other		10		647,245		595,896
Investment in equity-accounted investees		11		2,987,126		3,218,456
Deferred tax assets		20		666,457		843,131

Total non-current assets				7,662,067		7,983,820

Total assets			$	10,301,282	$	9,907,007

Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities		12	$	871,355	$	619,035
Current tax liabilities				16,516		21,225
Current portion of long-term debt		13		—		285,707
Current portion of other liabilities		14		134,667		221,820
Current portion of provisions		15		47,648		37,974

Total current liabilities				1,070,186		1,185,761

Long-term debt		13		996,348		995,583
Other liabilities		14		377,955		363,497
Provisions		15		953,415		997,833

Total non-current liabilities				2,327,718		2,356,913

Shareholders’ equity
Share capital				2,938,235		2,935,367
Contributed surplus				211,412		210,784
Retained earnings				3,608,778		3,099,264
Other components of equity				144,938		118,892

Total shareholders’ equity attributable to equity holders				6,903,363		6,364,307
Non-controlling interest				15		26

Total shareholders’ equity				6,903,378		6,364,333

Total liabilities and shareholders’ equity			$	10,301,282	$	9,907,007

Commitments and contingencies [notes 8, 15, 20]

See accompanying notes to consolidated financial statements.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 9

Consolidated statements of changes in equity


	Attributable to equity holders
($Cdn thousands)	Share capital		Contributed surplus			Retained earnings			Foreign currency translation			Cash flow hedges			Equity investments at FVOCI			Total			Non- controlling interest			Total equity
Balance at January 1, 2025	$	2,935,367	$	210,784		$	3,099,264		$	104,245		$	15,395		$	(748	)	$	6,364,307		$	26		$	6,364,333
Net earnings (loss)		—		—			589,577			—			—			—			589,577			(35	)		589,542
Other comprehensive income (loss)		—		—			24,417			61,721			(35,675	)		—			50,463			(1	)		50,462

Total comprehensive income (loss)		—		—			613,994			61,721			(35,675	)		—			640,040			(36	)		640,004

Share-based compensation		—		9,656			—			—			—			—			9,656			—			9,656
Stock options exercised		2,868		(698	)		—			—			—			—			2,170			—			2,170
Restricted share units settled		—		(8,330	)		—			—			—			—			(8,330	)		—			(8,330	)
Dividends		—		—			(104,480	)		—			—			—			(104,480	)		—			(104,480	)
Transactions with owners -contributed equity		—		—			—			—			—			—			—			25			25

Balance at December 31, 2025	$	2,938,235	$	211,412		$	3,608,778		$	165,966		$	(20,280	)	$	(748	)	$	6,903,363		$	15		$	6,903,378

Balance at January 1, 2024	$	2,914,165	$	215,679		$	2,979,743		$	(18,040	)	$	3,506		$	(748	)	$	6,094,305		$	4		$	6,094,309
Net earnings (loss)		—		—			171,853			—			—			—			171,853			(11	)		171,842
Other comprehensive income		—		—			17,309			122,285			11,889			—			151,483			2			151,485

Total comprehensive income (loss)		—		—			189,162			122,285			11,889			—			323,336			(9	)		323,327

Share-based compensation		—		6,775			—			—			—			—			6,775			—			6,775
Stock options exercised		21,202		(4,546	)		—			—			—			—			16,656			—			16,656
Restricted share units settled		—		(7,124	)		—			—			—			—			(7,124	)		—			(7,124	)
Dividends		—		—			(69,641	)		—			—			—			(69,641	)		—			(69,641	)
Transactions with owners -contributed equity		—		—			—			—			—			—			—			31			31

Balance at December 31, 2024	$	2,935,367	$	210,784		$	3,099,264		$	104,245		$	15,395		$	(748	)	$	6,364,307		$	26		$	6,364,333

See accompanying notes to consolidated financial statements.

10 CAMECO CORPORATION

Consolidated statements of cash flows


For the years ended December 31 ($Cdn thousands)	Note		2025			2024
Operating activities
Net earnings			$	589,542		$	171,842
Adjustments for:
Depreciation and amortization				293,094			280,702
Deferred sales		17		(24,747	)		61,180
Unrealized losses (gains) on derivatives				(145,751	)		149,629
Share-based compensation		23		9,656			6,775
Loss on disposal of assets				3,117			1,042
Finance costs		19		115,175			147,171
Finance income				(23,172	)		(21,228	)
Share of loss (earnings) from equity-accounted investees		11		(216,386	)		10,844
Other income				(1,460	)		(307	)
Foreign exchange (gains) losses				61,740			(65,517	)
Other operating income		15		(28,333	)		(37,683	)
Income tax expense		20		187,719			84,874
Interest received				23,172			21,228
Income taxes paid				(90,206	)		(38,486	)
Dividends from equity-accounted investees		30		446,749			185,447
Other operating items		22		208,523			(52,225	)

Net cash provided by operations				1,408,432			905,288

Investing activities
Additions to property, plant and equipment		8		(333,025	)		(211,635	)
Increase in short-term investments				(99,603	)		—
Decrease (increase) in long-term receivables, investments and other				(1,137	)		4,816
Proceeds from sale of property, plant and equipment				245			377

Net cash used in investing				(433,520	)		(206,442	)

Financing activities
Increase in long-term debt		13		—			497,022
Decrease in long-term debt		13		(285,240	)		(1,041,590	)
Interest paid				(52,642	)		(88,818	)
Proceeds from issuance of shares, stock option plan				2,170			16,656
Lease principal payments				(2,733	)		(2,051	)
Dividends paid				(104,480	)		(69,641	)

Net cash used in financing				(442,925	)		(688,422	)

Increase in cash and cash equivalents, during the year				531,987			10,424
Exchange rate changes on foreign currency cash balances				(17,589	)		23,229
Cash and cash equivalents, beginning of year				600,462			566,809

Cash and cash equivalents, end of year			$	1,114,860		$	600,462

Cash and cash equivalents is comprised of:
Cash			$	805,875		$	204,715
Cash equivalents				308,985			395,747

Cash and cash equivalents			$	1,114,860		$	600,462

See accompanying notes to consolidated financial statements.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 11

Notes to consolidated financial statements

For the years ended December 31, 2025 and 2024

1. Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The consolidated financial statements as at and for the year ended December 31, 2025 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in associates and joint arrangements.

Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe. The Company has operations in northern Saskatchewan and the United States, as well as a 40% interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom (Kazatomprom), located in Kazakhstan. Cameco also has a 49% interest in Westinghouse Electric Company (Westinghouse), a joint venture with Brookfield Renewable Partners and its institutional partners (collectively, Brookfield). Westinghouse is one of the world’s largest nuclear services businesses with corporate headquarters in Pennsylvania and operations around the world. Both JV Inkai and Westinghouse are accounted for on an equity basis (see note 11).

Cameco has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. The Rabbit Lake operation was placed in care and maintenance in 2016. Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 27 for the financial statement impact.

The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls a significant portion of the world UF₆ primary conversion capacity in Port Hope, Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario.

2. Material accounting policies

A. Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 12, 2026.

B. Basis of presentation

These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted. Amounts presented in text have been rounded to the nearest thousand but presented in whole dollars.

The consolidated financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date:

12 CAMECO CORPORATION


Derivative financial instruments		Fair value through profit or loss (FVTPL)

Equity investments		Fair value through other comprehensive income (FVOCI)

Liabilities for cash-settled share-based payment arrangements		FVTPL

Net defined benefit liability		Fair value of plan assets less the present value of the defined benefit obligation

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5.

This summary of material accounting policies is a description of the accounting methods and practices that have been used in the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements contained herein. These accounting policies have been applied consistently to all entities within the consolidated group.

C. Consolidation principles

i. Business combinations

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company measures goodwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the Company’s previously held equity interest in the acquiree is also considered in computing goodwill.

Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation awards that are replaced mandatorily in a business combination.

The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair value, or at their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date.

Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instruments.

ii. Subsidiaries

The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is acquired by the Company and are deconsolidated from the date that control ceases.

iii. Joint arrangements

A joint arrangement can take the form of a joint operation or joint venture. All joint arrangements involve a contractual arrangement that establishes joint control.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 13

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint operation may or may not be structured through a separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the purpose of the joint operation. The consolidated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accordance with the terms of each arrangement.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is always structured through a separate vehicle. It operates in the same way as other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses. Interests in joint ventures are accounted for using the equity method of accounting, whereby the Company’s proportionate interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the consolidated statements of financial position and consolidated statements of earnings. The share of joint ventures results is recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at which it ceases.

When acquiring an additional interest in a joint arrangement, previously held interests are not remeasured at fair value. In an acquisition of an asset or group of assets that does not constitute a business, the directly attributable transaction costs are included in the cost of the asset or group of assets.

iv. Investments in equity-accounted investees

Cameco’s investments in equity-accounted investees include investments in joint ventures and an associate.

Associates are those entities over which the Company has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decisions affecting the entity. A joint venture is an arrangement in which the Company has joint control, whereby it has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Investments in the joint ventures and associate are accounted for using the equity method. The equity method involves the recording of the initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s proportionate share of the earnings or loss and OCI and any other changes in the associates’ net assets, such as dividends. The cost of the investment includes transaction costs.

Adjustments are made to align the accounting policies of the joint ventures and associate with those of the Company before applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized.

v. Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with its equity-accounted investees JV Inkai and Westinghouse are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of impairment.

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D. Foreign currency translation

Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured using their functional currency, which is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Canadian dollars, which is Cameco’s functional and presentation currency.

i. Foreign currency transactions

Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the average monthly exchange rates prevailing at the date of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the average monthly exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are reflected in earnings with the exception of foreign exchange gains or losses on provisions for decommissioning and reclamation activities that are in a foreign currency, which are capitalized in property, plant and equipment.

ii. Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are translated to Canadian dollars at the average monthly exchange rate at the dates of the transactions.

Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in whole, the relevant amount in the foreign currency translation account is transferred to earnings as part of the gain or loss on disposal.

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the foreign currency translation account.

E. Cash and cash equivalents

Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments, which have a term to maturity of three months or less at the time of purchase and are measured at amortized cost.

F. Short-term investments

Short-term investments are comprised of money market instruments with terms to maturity between three and twelve months and are measured at amortized cost.

G. Inventories

Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average method.

Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

Consumable supplies and spares are valued at the lower of cost or replacement value.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 15

H. Property, plant and equipment

i. Buildings, plant and equipment and other

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site on which they are located.

When components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment and depreciated separately.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in earnings.

ii. Mineral properties and mine development costs

The decision to develop a mine property within a project area is based on an assessment of the commercial viability of the property, the availability of financing and the existence of markets for the product. Once the decision to proceed to development is made, development and other expenditures relating to the project area are deferred as part of assets under construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated by charges against earnings from future mining operations. No depreciation is charged against the property until the production stage commences. After a mine property has been brought into the production stage, costs of any additional work on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated over the remaining life of the related assets.

The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the manner intended by management. The criteria used to assess the start date of the production stage are determined based on the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when determining whether the production stage has been reached, which includes, but is not limited to, the demonstration of sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a target percentage of the design capacity).

iii. Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows:


Land			Not depreciated
Buildings			15 - 25 years
Plant and equipment			3 - 15 years
Furniture and fixtures			3 - 10 years
Other			3 - 5 years

Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion assets, the amount of depreciation is measured by the portion of the facilities’ total estimated lifetime production that is produced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion of the mines’ proven and probable mineral reserves recovered during the period.

Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate.

16 CAMECO CORPORATION

iv. Repairs and maintenance

The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits embodied within the component will flow to the Company. The carrying amount of the replaced component is derecognized. Costs of routine maintenance and repair are charged to products and services sold.

I. Goodwill and intangible assets

Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired. Goodwill is subsequently measured at cost, less accumulated impairment losses.

Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured subsequently at cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values.

Intangible assets that have finite useful lives are amortized using the units of production method over their estimated remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if appropriate.

J. Leases

Cameco recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received, and subsequently at cost less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option, in which case the right-of-use asset will be depreciated on the same basis as that of property, plant and equipment.

The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental borrowing rate as the discount rate. Current borrowing rates available for classes of leased assets are compared with the rates of Cameco’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized.

The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 17

K. Finance income and finance costs

Finance income comprises interest income on funds invested. Interest income and interest expense are recognized in earnings as they accrue, using the effective interest method. Finance costs are comprised of interest and fees on borrowings and unwinding of the discount on provisions.

Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are expensed in the period incurred.

L. Research and development costs

Expenditures on research are charged against earnings when incurred. Development costs are recognized as assets when the Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits.

M. Impairment

i. Non-derivative financial assets

Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost and contract assets. It measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month ECLs.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information.

The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Cameco to actions such as realizing security (if any is held).

The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating.

Financial assets carried at amortized cost. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental effect on the estimated future cash flows of the financial asset have occurred. Evidence can include significant financial difficulty of the borrower or issuer, a breach of contract, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial reorganization, or the disappearance of an active market for a security.

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

18 CAMECO CORPORATION

ii. Non-financial assets

The carrying amounts of Cameco’s non-financial assets are reviewed throughout the year to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and willing parties. For exploration properties, fair value is based on the implied fair value of the resources in place using comparable market transaction metrics.

An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.

Impairment losses recognized in prior periods are assessed throughout the year, whenever events or changes in circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment loss in respect of goodwill is not reversed.

N. Exploration and evaluation expenditures

Exploration and evaluation expenditures are those expenditures incurred by the Company in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. These expenditures include researching and analyzing existing exploration data, conducting geological studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation expenditures are charged against earnings as incurred, except when there is a high degree of confidence in the viability of the project and it is probable that these costs will be recovered through future development and exploitation.

Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under the scope of IFRS 6, Exploration for and Evaluation of Mineral Resources, and are reported as part of property, plant and equipment.

O. Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 19

i. Environmental restoration

The mining, extraction and processing activities of the Company normally give rise to obligations for site closure and environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and decommissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure and restoration activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal part of a mining or production process, are not included in the provision.

The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating licence conditions and the environment in which the mine operates. Closure and restoration provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax risk-free rate. Significant judgments and estimates are involved in deriving the expectations of future activities and the amount and timing of the associated cash flows.

At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the reclamation, decommissioning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of discounting unwinds. The unwinding of the discount is an expense recognized in finance costs.

Closure and rehabilitation provisions are also adjusted for changes in estimates. The provision is reviewed at each reporting date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates, and the adjusted cost of the asset is depreciated prospectively. If a decrease in the liability exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.

ii. Waste disposal

The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has established strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and discount rates are estimated both at initial recognition and subsequent measurement.

P. Employee future benefits

i. Pension obligations

The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. A defined benefit plan is a pension plan other than a defined contribution plan.

The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected health care costs. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.

20 CAMECO CORPORATION

The Company recognizes all actuarial gains and losses arising from defined benefit plans in other comprehensive income, and reports them in retained earnings. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognized immediately in earnings.

For defined contribution plans, the contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

ii. Other post-retirement benefit plans

The Company provides certain post-retirement health care benefits to its retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. Actuarial gains and losses are recognized in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries.

iii. Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be measured reliably.

iv. Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts an entity’s offer of benefits in exchange for termination of employment. Cameco recognizes termination benefits as an expense at the earlier of when the Company can no longer withdraw the offer of those benefits and when the Company recognizes costs for a restructuring. If benefits are payable more than 12 months after the reporting period, they are discounted to their present value.

v. Share-based compensation

For equity-settled plans, the grant date fair value of share-based compensation awards granted to employees is recognized as an employee benefit expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

For cash-settled plans, the fair value of the amount payable to employees is recognized as an expense, with a corresponding increase in liabilities, over the period that the employees unconditionally become entitled to payment. The liability is re-measured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized as employee benefit expense in earnings.

When the terms and conditions of equity-settled plans at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cameco’s contributions under the employee share ownership plan are expensed during the year of contribution. Shares purchased with Company contributions and with dividends paid on such shares become unrestricted on January 1 of the second plan year following the date on which such shares were purchased.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 21

Q. Revenue recognition

Cameco supplies uranium concentrates, uranium conversion services, fabrication services and other services. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control, as described below, over a good or service to a customer. Customers do not have the right to return products, except in limited circumstances.

Cameco’s sales arrangements with its customers are pursuant to enforceable contracts that indicate the nature and timing of satisfaction of performance obligations, including significant payment terms, where payment is usually due in 30 days. Each delivery is considered a separate performance obligation under the contract.

Uranium supply

In a uranium supply arrangement, Cameco is contractually obligated to provide uranium concentrates to its customers. Cameco-owned uranium may be physically delivered to either the customer or to conversion facilities (Converters).

For deliveries to customers, terms in the sales contract specify the location of delivery. Revenue is recognized when the uranium has been delivered and accepted by the customer at that location.

When uranium is delivered to Converters, the Converter will credit Cameco’s account for the volume of accepted uranium. Based on delivery terms in the sales contract with its customer, Cameco instructs the Converter to transfer title of a contractually specified quantity of uranium to the customer’s account at the Converter’s facility. At this point, control has been transferred and Cameco recognizes revenue for the uranium supply.

Toll conversion services

In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned uranium to a chemical state suitable for enrichment. Based on delivery terms in a sales contract with its customer, Cameco either (i) physically delivers converted uranium to enrichment facilities (Enrichers) where it instructs the Enricher to transfer title of a contractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or the customer’s account at Cameco’s Port Hope conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for the toll conversion services.

Conversion supply

A conversion supply arrangement is a combination of uranium supply and toll conversion services. Cameco is contractually obligated to provide converted uranium to its customers. Based on delivery terms in the sales contract, Cameco either (i) physically delivers converted uranium to the Enricher where it instructs the Enricher to transfer title of a contractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or a customer’s account at Cameco’s Port Hope conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for both the uranium supplied and the conversion service provided.

Fabrication services

In a fabrication services arrangement, Cameco is contractually obligated to provide fuel bundles or reactor components to its customers. In a contract for fuel bundles, the bundles are inspected and accepted by the customer at Cameco’s Port Hope fabrication facility or another location based on delivery terms in the sales contract. At this point, the customer obtains control and Cameco recognizes revenue for the fabrication services.

22 CAMECO CORPORATION

In some contracts for reactor components, the components are made to a customer’s specification and if a contract is terminated by the customer, Cameco is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Since the customer controls all of the work in progress as the products are being manufactured, revenue and associated costs are recognized over time, before the goods are delivered to the customer’s premises. Revenue is recognized on the basis of units produced as the contracts reflect a per unit basis. Revenue from these contracts represents an insignificant portion of Cameco’s total revenue. In other contracts where the reactor components are not made to a specific customer’s specification, when the components are delivered to the location specified in the contract, the customer obtains control and Cameco recognizes revenue for the services.

Other services

Uranium concentrates and converted uranium are regulated products and can only be stored at regulated facilities. In a storage arrangement, Cameco is contractually obligated to store uranium products at its facilities on behalf of the customer. Cameco invoices the customer in accordance with the contract terms and recognizes revenue on a monthly basis.

Cameco also provides customers with transportation of its uranium products. In the contractual arrangements where Cameco is acting as the principal, revenue is recognized as the product is delivered.

R. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another.

Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

i. Financial assets

On initial recognition, financial assets are classified as measured at: amortized cost, fair value through other comprehensive income, or fair value through profit or loss based on the Company’s business model for managing its financial assets and their cash flow characteristics. Classifications are not changed subsequent to initial recognition unless the Company changes its business model for managing its financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in business model.

Amortized cost

A financial asset is measured at amortized cost if it is not designated as at fair value through profit or loss, is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Assets in this category are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as is any gain or loss on derecognition. The Company’s financial assets measured at amortized cost include cash and cash equivalents, short-term investments and accounts receivable.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 23

Fair value through other comprehensive income (FVOCI)

A debt investment is measured at FVOCI if it is not designated as at fair value through profit or loss, is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (OCI). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

On initial recognition of an equity investment that is not held for trading, Cameco may irrevocably elect to present subsequent changes in the investments fair value in OCI. This election is made on an investment-by-investment basis. These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

Fair value through profit or loss (FVTPL)

All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. The Company’s financial assets measured at FVTPL include foreign currency contracts.

Derecognition of financial assets

Cameco derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which it neither transfers or retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

If the Company enters into a transaction whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets would not be derecognized.

ii. Financial liabilities

On initial recognition, financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, is a derivative or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss as is any gain or loss on derecognition. The Company’s financial liabilities measured at amortized cost include accounts payable and accrued liabilities, lease obligations and long-term debt. The Company’s financial liabilities measured at FVTPL include foreign currency contracts and interest rate contracts.

A financial liability is derecognized when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

24 CAMECO CORPORATION

iii. Derivative financial instruments

The Company holds derivative financial instruments to reduce exposure to fluctuations in foreign currency exchange rates and interest rates. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Derivative financial instruments are initially measured at fair value in the consolidated statements of financial position, with any directly attributable transaction costs recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes in fair value are recognized in profit or loss.

The purpose of hedging transactions is to modify the Company’s exposure to one or more risks by creating an offset between changes in the fair value of, or the cash flows attributable to, the hedged item and the hedging item. When hedge accounting is appropriate, the hedging relationship is designated as a fair value hedge, a cash flow hedge, or a foreign currency risk hedge related to a net investment in a foreign operation. While Cameco does not have any instruments that have been designated as hedge transactions at December 31, 2025 and 2024, its equity-investee Westinghouse does. These cash flow hedges are recognized in other comprehensive income.

S. Income tax

Income tax expense is comprised of current and deferred taxes. Current tax and deferred tax are recognized in earnings except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amount expected to be paid or recovered from the taxation authorities.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Company’s exposure to uncertain tax positions is evaluated and a provision is made where it is probable that this exposure will materialize.

T. Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a reduction of equity, net of any tax effects.

U. Earnings per share

The Company presents basic and diluted earnings per share data for its common shares. Earnings per share is calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of common shares outstanding.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 25

Diluted earnings per share is determined by adjusting the net earnings attributable to equity holders of the Company and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares. The calculation of diluted earnings per share assumes that outstanding options which are dilutive to earnings per share are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the shares for the period. The effect is to increase the number of shares used to calculate diluted earnings per share.

V. Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other segments. To be classified as a segment, discrete financial information must be available and operating results must be regularly reviewed by the Company’s executive team. Cameco has three reportable segments, uranium, fuel services and Westinghouse.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

3. Accounting standards

A. Changes in accounting policy

In August 2023, the International Accounting Board (IASB) amended IAS 21 The Effects of Changes in Foreign Exchange Rates, requiring companies to assess whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The amendment became effective on January 1, 2025, but did not have an effect on the Company’s financial statements.

B. New standards and interpretations not yet adopted

A number of amendments to existing standards are not yet effective for the year ended December 31, 2025 and have not been applied in preparing these consolidated financial statements. Cameco does not intend to early adopt any of the amendments and does not expect them to have a material impact on its financial statements. The one new standard that is expected to have an impact on disclosures is described below.

i. Financial statement presentation

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027. Retrospective application is required, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit of loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Cameco continues to assess the impact of adopting this standard on its financial statements and disclosures.

26 CAMECO CORPORATION

4. Determination of fair values

A number of the Company’s accounting policies and disclosures require the measurement of fair value, for both financial and non-financial assets and liabilities.

The fair value of an asset or liability is generally estimated as the amount that would be received on sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair values of assets and liabilities traded in an active market are determined by reference to last quoted prices, in the principal market for the asset or liability. In the absence of an active market for an asset or liability, fair values are determined based on market quotes for assets or liabilities with similar characteristics and risk profiles, or through other valuation techniques. Fair values determined using valuation techniques require the use of inputs, which are obtained from external, readily observable market data when available. In some circumstances, inputs that are not based on observable data must be used. In these cases, the estimated fair values may be adjusted in order to account for valuation uncertainty, or to reflect the assumptions that market participants would use in pricing the asset or liability.

All fair value measurements are categorized into one of three hierarchy levels, described below, for disclosure purposes. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities:

Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the reporting date for identical assets or liabilities.

Level 2 – Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

When the inputs used to measure fair value fall within more than one level of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety.

Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period during which the transfer occurred. There were no transfers between level 1, level 2, or level 3 during the period. Cameco does not have any recurring fair value measurements that are categorized as level 1 or level 3 as of the reporting date.

Further information about the techniques and assumptions used to measure fair values is included in the following notes:

Note 23 - Share-based compensation plans

Note 25 - Financial instruments and risk management

5. Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates.

Information about critical judgments in applying the accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is discussed below. Further details of the nature of these judgments, estimates and assumptions may be found in the relevant notes to the consolidated financial statements.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 27

A. Recoverability of long-lived and intangible assets and investments

Cameco assesses the carrying values of property, plant and equipment, intangible assets and investments in associates and joint ventures when there is an indication of possible impairment. If it is determined that carrying values of assets cannot be recovered, the unrecoverable amounts are charged against current earnings. Recoverability is dependent upon assumptions and judgments regarding market conditions, compound annual growth rates in Westinghouse’s core business, costs of production, sustaining capital requirements, mineral reserves and the impact of geopolitical events. Other assumptions used in the calculation of recoverable amounts are discount rates, future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets.

B. Cash generating units

In performing impairment assessments of long-lived assets, assets that cannot be assessed individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Management is required to exercise judgment in identifying these CGUs.

C. Provisions for decommissioning and reclamation of assets

Significant decommissioning and reclamation activities are often not undertaken until near the end of the useful lives of the productive assets. Regulatory requirements and alternatives with respect to these activities are subject to change over time. A significant change to either the estimated costs, timing of the cash flows or mineral reserves may result in a material change in the amount charged to earnings.

D. Income taxes

Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income taxes in each of these tax jurisdictions in preparing its consolidated financial statements. In calculating income taxes, consideration is given to factors such as tax rates in the different jurisdictions, non-deductible expenses, changes in tax law and management’s expectations of future operating results. Cameco estimates deferred income taxes based on temporary differences between the income and losses reported in its consolidated financial statements and its taxable income and losses as determined under the applicable tax laws. The tax effect of these temporary differences is recorded as deferred tax assets or liabilities in the consolidated financial statements. The calculation of income taxes requires the use of judgment and estimates. The determination of the recoverability of deferred tax assets is dependent on assumptions and judgments regarding future market conditions and production rates, which can materially impact estimated future taxable income. If these judgments and estimates prove to be inaccurate, future earnings may be materially impacted.

E. Mineral reserves

Depreciation on property, plant and equipment is primarily calculated using the unit-of-production method. This method allocates the cost of an asset to each period based on current period production as a portion of total lifetime production or a portion of estimated mineral reserves. Estimates of life-of-mine and amounts of mineral reserves are updated annually and are subject to judgment and significant change over time. If actual mineral reserves prove to be significantly different than the estimates, there could be a material impact on the amounts of depreciation charged to earnings.

28 CAMECO CORPORATION

6. Accounts receivable


	2025		2024
Trade receivables	$	338,426	$	309,570
GST/VAT receivables		16,338		28,674
Other receivables		5,548		8,556

Total	$	360,312	$	346,800

The Company’s exposure to credit and currency risks as well as credit losses related to trade and other receivables, excluding goods and services tax (GST)/value added tax (VAT) receivables, is disclosed in note 25.

7. Inventories


	2025		2024
Uranium
Concentrate	$	601,911	$	651,901
Broken ore		58,341		27,892

		660,252		679,793
Fuel services		181,379		145,241
Other		2,358		1,829

Total	$	843,989	$	826,863

Cameco expensed $2,100,230,000 of inventory as cost of sales during 2025 (2024 - $2,049,675,000).

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 29

8.	Property, plant and equipment

At December 31, 2025


	Land			Plant			Furniture						Exploration
	and			and			and			Under			and
	buildings			equipment			fixtures			construction			evaluation		Total
Cost
Beginning of year	$	5,285,231		$	3,016,140		$	94,075		$	265,665		$	1,070,236	$	9,731,347
Additions		—			53			3			332,888			81		333,025
Transfers		95,360			137,244			8,650			(242,595	)		—		(1,341	)
Change in reclamation provision [note 15]		(33,908	)		—			—			—			—		(33,908	)
Disposals		(32,630	)		(22,759	)		(9,390	)		(156	)		—		(64,935	)
Effect of movements in exchange rates		(31,085	)		(8,871	)		(161	)		(28	)		13,851		(26,294	)

End of year		5,282,968			3,121,807			93,177			355,774			1,084,168		9,937,894

Accumulated depreciation
Beginning of year		3,592,617			2,277,906			87,211			36,798			459,632		6,454,164
Depreciation charge		172,805			114,340			6,625			614			—		294,384
Change in reclamation provision [note 15]^(a)		(28,333	)		—			—			—			—		(28,333	)
Disposals		(30,600	)		(21,207	)		(9,377	)		—			—		(61,184	)
Effect of movements in exchange rates		(29,745	)		(8,821	)		(152	)		—			5,483		(33,235	)

End of year		3,676,744			2,362,218			84,307			37,412			465,115		6,625,796

Right-of-use assets
Beginning of year		7,705			507			1,120			—			—		9,332
Additions		2,031			307			3,028			—			—		5,366
Depreciation charge		(1,623	)		(500	)		(937	)		—			—		(3,060	)
Transfers		1,365			(24	)		—			—			—		1,341

End of year		9,478			290			3,211			—			—		12,979

Net book value at December 31, 2025	$	1,615,702		$	759,879		$	12,081		$	318,362		$	619,053	$	3,325,077

(a)	Asset retirement obligation assets are adjusted when the Company updates its reclamation provisions due to new cash flow estimates or changes in discount and inflation rates. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake operation and some of our operations in the United States, the adjustment is recorded directly to the statement of earnings as other operating expense or income.

30 CAMECO CORPORATION

At December 31, 2024


	Land			Plant			Furniture						Exploration
	and			and			and			Under			and
	buildings			equipment			fixtures			construction			evaluation		Total
Cost
Beginning of year	$	5,213,324		$	2,897,605		$	90,719		$	237,280		$	1,068,442	$	9,507,370
Additions		206			734			61			210,172			462		211,635
Transfers		72,014			105,291			4,299			(181,550	)		—		54
Change in reclamation provision		(54,991	)		—			—			—			—		(54,991	)
Disposals		(210	)		(3,004	)		(1,300	)		(255	)		—		(4,769	)
Effect of movements in exchange rates		54,888			15,514			296			18			1,332		72,048

End of year		5,285,231			3,016,140			94,075			265,665			1,070,236		9,731,347

Accumulated depreciation
Beginning of year		3,412,990			2,159,021			83,676			36,798			456,912		6,149,397
Depreciation charge		164,525			105,545			4,523			—			—		274,593
Change in reclamation provision^(a)		(37,683	)		—			—			—			—		(37,683	)
Disposals		(14	)		(2,064	)		(1,274	)		—			—		(3,352	)
Effect of movements in exchange rates		52,799			15,404			286			—			2,720		71,209

End of year		3,592,617			2,277,906			87,211			36,798			459,632		6,454,164

Right-of-use assets
Beginning of year		8,326			401			2,072			—			—		10,799
Additions		696			385			20			—			—		1,101
Depreciation charge		(1,291	)		(251	)		(972	)		—			—		(2,514	)
Transfers		(26	)		(28	)		—			—			—		(54	)

End of year		7,705			507			1,120			—			—		9,332

Net book value at December 31, 2024	$	1,700,319		$	738,741		$	7,984		$	228,867		$	610,604	$	3,286,515

(a)

Asset retirement obligation assets are adjusted when the Company updates its reclamation provisions due to new cash flow estimates or changes in discount and inflation rates. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake operation and some of our operations in the United States, the adjustment is recorded directly to the statement of earnings as other operating expense or income.

Cameco has contractual capital commitments of approximately $188,937,000 at December 31, 2025. Certain of the contractual commitments may contain cancellation clauses, however the Company discloses the commitments based on management’s intent to fulfill the contract. The majority of this amount is expected to be incurred in 2026.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 31

9.	Intangible asset


	2025		2024
Cost
Beginning of year	$	118,819	$	118,819

End of year		118,819		118,819

Accumulated amortization
Beginning of year		78,997		75,242
Amortization charge		3,660		3,755

End of year		82,657		78,997

Net book value at December 31	$	36,162	$	39,822

The intangible asset value relates to intellectual property acquired with Cameco Fuel Manufacturing Inc. It is being amortized on a unit-of-production basis over its remaining life. Amortization is allocated to the cost of inventory and is recognized in cost of products and services sold as inventory is sold.

10.

Long-term receivables, investments and other


	2025			2024
Derivatives [note 25]		21,166			103
Investment tax credits		97,186			96,199
Amounts receivable related to tax dispute [note 20]^(a)		209,125			209,125
Income tax receivable^(b)		65,653			—
Product loan^(c)		288,294			288,294
Other		4,959			3,268

		686,383			596,989
Less current portion		(39,138	)		(1,093	)

Net	$	647,245		$	595,896

(a)

Cameco was required to remit or otherwise secure 50% of the cash taxes and transfer pricing penalties, plus related interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties paid.

(b)	As a result of Cameco’s dispute with CRA, Cameco has drawn down the tax pools available to us and we were required to remit cash tax for the 2024 and 2025 tax years. Cameco expects to recover this amount.

(c)

Cameco loaned 5,400,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay the Company in kind with uranium concentrate no later than December 31, 2028. As at December 31, 2025, 3,000,000 pounds have been returned as repayment on this loan (December 31, 2024 - 3,000,000 pounds).

Cameco also loaned Orano 1,148,200 kgU of conversion supply and an additional 1,200,000 pounds of uranium concentrate over the period 2022 to 2024. Repayment to Cameco is to be made in kind with U₃O₈ quantities drawn being repaid by December 31, 2027 and quantities of UF₆ drawn by December 31, 2035.

As at December 31, 2025, 3,600,000 pounds of U₃O₈ (December 31, 2024 - 3,600,000 pounds) and 1,148,200 kgU of UF₆ conversion supply (December 31, 2024 - 1,148,200 kgU) were drawn on the loans. The values of the loans are recorded at Cameco’s weighted average cost of inventory at the time the loans were drawn.

32 CAMECO CORPORATION

11. Equity-accounted investees


	2025		2024
Interest in Westinghouse	$	2,671,846	$	2,931,746
Interest in JV Inkai		315,280		286,710
Interest in Global Laser Enrichment LLC (GLE)		—		—

	$	2,987,126	$	3,218,456

A.	Joint ventures

i.	Westinghouse

Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. Cameco holds a 49% interest and Brookfield holds 51%. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco accounts for Westinghouse on an equity basis.

Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures equipment for the build of new nuclear reactor plants.

The following table summarizes the total comprehensive income (loss) of Westinghouse (100%):


	2025			2024
Revenue from products and services	$	7,056,393		$	5,902,993
Cost of products and services sold		(4,640,948	)		(4,235,079	)
Depreciation and amortization		(782,112	)		(728,294	)
Marketing, administrative and general expenses		(848,993	)		(821,322	)
Finance income		5,147			8,941
Finance costs		(434,797	)		(459,567	)
Other expense		(244,972	)		(238,158	)
Income tax recovery		7,678			124,717

Net earnings (loss)		117,396			(445,769	)
Other comprehensive income		249,464			42,506

Total comprehensive income (loss)	$	366,860		$	(403,263	)

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 33

The following table summarizes the financial information of Westinghouse (100%) for the year ending December 31 and reconciles it to the carrying amount of Cameco’s interest:


	2025			2024
Cash and cash equivalents	$	268,310		$	255,589
Other current assets		2,665,145			2,737,164
Intangible assets		7,186,939			7,821,802
Goodwill		1,667,293			1,698,174
Non-current assets		3,126,447			3,113,031
Current portion of long-term debt		(48,695	)		(44,576	)
Other current liabilities		(2,827,358	)		(2,751,396	)
Long-term debt		(4,682,928	)		(4,924,398	)
Other non-current liabilities		(2,049,246	)		(2,078,688	)

Net assets	$	5,305,907			5,826,702
Net assets attributable to non-controlling interest		(26,408	)		(25,127	)

Net assets attributable to shareholders	$	5,279,499		$	5,801,575
Cameco’s share of net assets attributable to shareholders (49%)		2,586,955			2,842,772
Acquisition costs^(a)		83,896			83,896
Impact of foreign exchange on acquisition costs		995			5,078

Carrying amount of interest in Westinghouse	$	2,671,846			2,931,746

(a)	Cameco incurred acquisition costs that were denominated in US dollars. This amount was included in the cost of the investment and is remeasured every period.

ii.	Global Laser Enrichment LLC (GLE)

GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment technology, a third-generation uranium enrichment technology. Cameco owns a 49% interest in GLE with an option to attain a majority interest of up to 75% ownership. Cameco has joint control with Silex Systems Limited over the strategic operating, investing and financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its full carrying value of $183,615,000. Following the impairment, under the equity method of accounting, Cameco discontinued recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development.

34 CAMECO CORPORATION

B.	Associate

i.	JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest and Kazatomprom holds a 60% interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts for JV Inkai on an equity basis.

JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers.

The following table summarizes the total comprehensive income of JV Inkai (100%):


	2025			2024
Revenue from products and services	$	891,786		$	934,759
Cost of products and services sold		(204,998	)		(147,103	)
Depreciation and amortization		(56,909	)		(57,739	)
Finance income		5,482			3,010
Finance costs		(520	)		(704	)
Other expense		(52,355	)		(13,453	)
Income tax expense		(116,555	)		(143,974	)

Net earnings		465,931			574,796
Other comprehensive income		—			—

Total comprehensive income	$	465,931		$	574,796

The following table summarizes the financial information of JV Inkai (100%) and reconciles it to the carrying amount of Cameco’s interest:


	2025			2024
Cash and cash equivalents	$	46,266		$	47,282
Other current assets		847,942			694,041
Non-current assets		325,363			307,801
Current liabilities		(52,410	)		(42,368	)
Non-current liabilities		(23,463	)		(27,802	)

Net assets		1,143,698			978,954
Cameco’s share of net assets (40%)		457,479			391,582
Consolidating adjustments^(a)		(116,494	)		(93,365	)
Fair value increment^(b)		74,643			77,992
Dividends declared but not received		7,209			9,760
Dividends in excess of ownership percentage^(c)		(109,064	)		(107,179	)
Impact of foreign exchange		1,507			7,920

Carrying amount of interest in JV Inkai	$	315,280		$	286,710

(a)	Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. This amount is amortized to earnings over units of production.

(b)	Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production.

(c)	Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 35

12. Accounts payable and accrued liabilities


	2025		2024
Trade payables	$	190,717	$	129,832
Non-trade payables		127,054		121,644
Payables due to related parties [notes 23, 30]		553,584		367,559

Total	$871,355		$619,035

The Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 25.

13. Long-term debt


	2025		2024
Unsecured debentures
Series F - 5.09% debentures due November 14, 2042	$	99,416	$	99,395
Series H - 2.95% debentures due October 21, 2027		399,302		398,936
Series I - 4.94% debentures due May 24, 2031		497,630		497,252
Term loans		—		285,707

	996,348		1,281,290
Less current portion		—		(285,707	)

Total	$	996,348	$	995,583

Cameco has a $1,000,000,000 unsecured revolving credit facility that is available until October 1, 2029. Upon mutual agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under the facility, up to $100,000,000 can be used for the issuance of letters of credit and, to the extent necessary, it may be used to provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the revolving credit facility above $1,000,000,000 by increments no less than $50,000,000, to a total of $1,250,000,000. The facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2025 and 2024, there were no amounts outstanding under this facility.

Cameco has $1,793,917,000 (2024 - $1,890,028,000) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2025 amounted to $1,529,574,000 (2024 - $1,527,815,000), the majority of which relate to future decommissioning and reclamation liabilities (note 15) and CRA reassessments (note 20).

On May 24, 2024, Cameco issued $500,000,000 of Series I debentures which bear interest at a rate of 4.94% per annum. The net proceeds of the issue after deducting expenses were approximately $497,000,000. The debentures mature on May 24, 2031 and are being amortized at an effective interest rate of 5.04%.

On November 7, 2023, the Company utilized a term loan for US$600,000,000 to finance the 49% acquisition of Westinghouse. The term loan consisted of two US$300,000,000 tranches. The second tranche was fully repaid on June 10, 2024. On September 9, 2024, Cameco repaid US$100,000,000 on the first tranche. The remaining US$200,000,000 was repaid on January 13, 2025.

36 CAMECO CORPORATION

Cameco is bound by a covenant in its revolving credit facility and term loan. The covenant requires a funded debt to tangible net worth ratio equal to or less than 1:1. Non-compliance with this covenant could result in accelerated payment and termination of the revolving credit facility. At December 31, 2025, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2026 to be constrained by it.

The table below represents currently scheduled maturities of long-term debt:


2026	2027		2028		2029		2030		Thereafter		Total
$ —		399,302		—		—		—		597,046	$	996,348

14. Other liabilities


	2025			2024
Deferred sales [notes 17, 30]	$	81,813		$	106,569
Derivatives [note 25]		18,921			143,609
Accrued pension and post-retirement benefit liability [note 24]		83,887			78,674
Lease obligation	14,933			9,839
Product loan^(a)		240,057			177,623
Sales contracts		2,553			4,304
Other		70,458			64,699

		512,622			585,317
Less: current portion		(134,667	)		(221,820	)

Net	$	377,955		$	363,497

Expenses related to short-term leases and leases of low-value assets were insignificant during 2025.

(a)

The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to 2,270,000 kgU of UF₆ conversion services and 6,777,000 pounds of U₃O₈ by January 1, 2032 with repayment in kind up to March 31, 2032. Under the facilities, standby fees of up to 2.1% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 2.2%. The loans are recorded at Cameco’s weighted average cost of inventory.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 37

During the year, Cameco borrowed an additional 345,000 kgU of UF₆ conversion services and repaid 627,000 kgU of UF₆ conversion services. At December 31, 2025, we have 1,285,000 kgU of UF₆ conversion services (December 31, 2024 - 1,567,000 kgU) drawn on the loans with repayment in the following years:


	2026		2027		2028		2029		2030		Thereafter		Total
kgU of UF₆		940,000		—		—		—		—		345,000		1,285,000

During the year, Cameco borrowed an additional 2,949,000 pounds of U₃O₈and repaid 2,098,000 pounds of U₃O_8. At December 31, 2025 we have 3,357,000 pounds of U₃O₈ (December 31, 2024 - 2,506,000 pounds) drawn with repayment in the following years:


	2026		2027		2028	2029	2030	Thereafter		Total
lbs of U₃O₈		408,000		2,048,000					901,000		3,357,000

15. Provisions


	Reclamation			Waste disposal			Total
Beginning of year	$	1,025,039		$	10,768		$	1,035,807
Changes in estimates and discount rates [note 8]
Capitalized in property, plant and equipment		(5,575	)		—			(5,575	)
Recognized in earnings [note 8]		(28,333	)		1,134			(27,199	)
Provisions used during the period		(26,591	)		(992	)		(27,583	)
Accretion [note 19]		40,364			294			40,658
Effect of movements in exchange rates		(15,045	)		—			(15,045	)

End of period	$	989,859		$	11,204		$	1,001,063

Current	$	41,333		$	6,315		$	47,648
Non-current		948,526			4,889			953,415

	$	989,859		$	11,204		$	1,001,063

A.	Reclamation provision

Cameco’s estimates of future decommissioning obligations are based on reclamation standards that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements, decommissioning and reclamation alternatives and amounts to be recovered from other parties.

Cameco estimates total undiscounted future decommissioning and reclamation costs for its existing operating assets to be $1,369,955,000 (2024 - $1,382,661,000). The expected timing of these outflows is based on life-of-mine plans with the majority of expenditures expected to occur between 2026 and 2051. These estimates are reviewed by Cameco technical personnel as required by regulatory agencies or more frequently as circumstances warrant. In connection with future decommissioning and reclamation costs, Cameco has provided financial assurances of $1,125,170,000 (2024 - $1,125,170,000) in the form of letters of credit to satisfy current regulatory requirements.

38 CAMECO CORPORATION

The reclamation provision relates to the following segments:


	2025		2024
Uranium	$	833,881	$	865,574
Fuel services		155,978		159,465

Total	$	989,859	$	1,025,039

B. Waste disposal

The fuel services segment consists of the Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing Inc.. The refining, conversion and manufacturing processes generate certain uranium contaminated waste. These include contaminated combustible material (paper, rags, gloves, etc.) and contaminated non-combustible material (metal parts, soil from excavations, building and roofing materials, spent uranium concentrate drums, etc.). These materials can in some instances be recycled or reprocessed. A provision for waste disposal costs in respect of these materials is recognized when they are generated.

Cameco estimates total undiscounted future costs related to existing waste disposal to be $10,027,000 (2024 - $9,663,000). The majority of these expenditures are expected to occur within the next three years.

16. Share capital

Authorized share capital:

•

Unlimited number of first preferred shares

•

Unlimited number of second preferred shares

•

Unlimited number of voting common shares, no stated par value, not convertible or redeemable, and

•

One Class B share

A. Common Shares


Number issued (number of shares)	2025		2024
Beginning of year		435,312,083		434,175,752
Issued:
Stock option plan [note 23]		145,895		1,136,331

End of year		435,457,978		435,312,083

All issued shares are fully paid. Holders of the common shares are entitled to exercise one vote per share at meetings of shareholders, are entitled to receive dividends if, as and when declared by our Board of Directors and are entitled to participate in any distribution of remaining assets following a liquidation.

The shares of Cameco are widely held and no shareholder, resident in Canada, is allowed to own more than 25% of the Company’s outstanding common shares, either individually or together with associates. A non-resident of Canada is not allowed to own more than 15%. In addition, no more than 25% of total shareholder votes cast may be cast by non-resident shareholders.

B. Class B share

One Class B share issued during 1988 and assigned $1 of share capital entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 39

C.	Dividends

Dividends on Cameco Corporation common shares are declared in Canadian dollars. For the year ended December 31, 2025, the dividend declared per share was $0.24 (December 31, 2024 - $0.16).

17.

Revenue

Cameco’s sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year.

The following table summarizes Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to the Company’s reportable segments (note 27):

For

the year ended December 31, 2025


	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	1,388,760	$	380,548	$	45,562	$	1,814,870
Europe		733,057		156,860		—		889,917
Asia		752,133		25,013		—		777,146

	$	2,873,950	$	562,421	$	45,562	$	3,481,933

Contract type
Fixed-price	$	724,107	$	513,830	$	45,562	$	1,283,499
Market-related		2,149,843		48,591		—		2,198,434

	$	2,873,950	$	562,421	$	45,562	$	3,481,933

For

the year ended December 31, 2024


	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	1,401,742	$	334,936	$	—	$	1,736,678
Europe		488,718		75,055		—		563,773
Asia		786,160		49,161		—		835,321

	$	2,676,620	$	459,152	$	—	$	3,135,772

Contract type
Fixed-price	$	791,701	$	413,148	$	—	$	1,204,849
Market-related		1,884,919		46,004		—		1,930,923

	$	2,676,620	$	459,152	$	—	$	3,135,772

40 CAMECO CORPORATION

Deferred

sales

The following table provides information about contract liabilities (note 14) from contracts with customers:


	2025			2024
Beginning of year	$	106,569		$	45,372
Additions		144,893			159,712
Recognized in revenue		(169,640	)		(98,532	)
Effect of movements in exchange rates		(9	)		17

End of year	$	81,813		$	106,569

Deferred sales primarily relate to advance consideration received from customers for future uranium and conversion deliveries as well as revenue related to the storage of uranium and converted uranium held at Cameco facilities. The revenue related to storage is recognized over time while the revenue related to future uranium and conversion deliveries is expected to be recognized between 2026 and 2033 as deliveries occur.

Cameco recognized an increase of revenue of $4,040,000 during 2025 (2024—increase of revenue of $42,000) from performance obligations satisfied (or partially satisfied) in previous periods. This is due to the difference between actual pricing indices and the estimates at the time of invoicing.

Future

sales commitments

Cameco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. The following table summarizes the expected future revenue, by segment, related to only fixed-price contracts with remaining future deliveries as follows:


	2026		2027		2028		2029		2030		Thereafter		Total
Uranium	$	481,854	$	492,426	$	553,687	$	498,133	$	411,968	$	855,275	$	3,293,343
Fuel services		458,646		444,353		458,012		421,582		394,806		1,858,824		4,036,223

Total	$	940,500	$	936,779	$	1,011,699	$	919,715	$	806,774	$	2,714,099	$	7,329,566

The sales contracts are denominated largely in US dollars and converted from US dollars to Canadian dollars at the rate of $1.33.

The amounts in the table represent the consideration the Company will be entitled to receive when it satisfies the remaining performance obligations in the contracts. The amounts include assumptions about volumes for contracts that have volume flexibility. Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of delivery. Contracts with an original duration of one year or less have been included in the table.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 41

18.

Employee benefit expense

The following employee benefit expenses are included in cost of products and services sold, administration, exploration, research and development and property, plant and equipment:


	2025		2024
Wages and salaries	$	454,002	$	386,686
Statutory and company benefits		71,523		71,477
Expenses related to defined benefit plans [note 24]		6,617		10,929
Expenses related to defined contribution plans [note 24]		23,518		20,218
Equity-settled share-based compensation [note 23]		15,268		11,656
Cash-settled share-based compensation [note 23]		71,361		37,201

Total	$	642,289	$	538,167

19.

Finance costs


	2025		2024
Interest on long-term debt	$	55,061	$	91,921
Accretion [note 15]		40,658		36,243
Other charges		19,456		19,007

Total	$	115,175	$	147,171

No borrowing costs were determined to be eligible for capitalization during the year.

20.

Income taxes

A.	Significant components of deferred tax assets and liabilities


	Recognized in earnings						As at December 31
	2025			2024			2025		2024
Assets
Property, plant and equipment	$	(158,359	)	$	(41,454	)	$	316,516	$	475,008
Provision for reclamation		(4,247	)		(11,237	)		184,175		188,422
Inventories		(976	)		(4,979	)		5,584		6,561
Foreign exploration and development		(267	)		(398	)		1,924		2,191
Income tax losses (gains)		12,080			(8,108	)		97,749		85,668
Defined benefit plan actuarial losses		—			—			5,664		5,233
Long-term investments and other		(25,193	)		14,880			54,845		80,048

Deferred tax assets		(176,962	)		(51,296	)		666,457		843,131

Liabilities
Property, plant and equipment		—			—			—		—
Inventories		—			—			—		—

Deferred tax liabilities		—			—			—		—

Net deferred tax asset (liability)	$	(176,962	)	$	(51,296	)	$	666,457	$	843,131

42 CAMECO CORPORATION


Deferred tax allocated as	2025		2024
Deferred tax assets	$	666,457	$	843,131
Deferred tax liabilities		—		—

Net deferred tax asset	$	666,457	$	843,131

Cameco has recorded a deferred tax asset of $666,457,000 (2024 - $843,131,000). The realization of this deferred tax asset is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded.

B.	Movement in net deferred tax assets and liabilities


	2025			2024
Deferred tax asset at beginning of year	$	843,131		$	892,860
Expense for the year in net earnings		(176,962	)		(51,296	)
Recovery for the year in other comprehensive income		431			969
Effect of movements in exchange rates		(143	)		598

End of year	$	666,457		$	843,131

C.	Significant components of unrecognized deferred tax assets


	2025		2024
Income tax losses	$	394,462	$	379,695
Property, plant and equipment		2,386		2,496
Provision for reclamation		81,752		81,984
Long-term investments and other		123,505		162,278

Total	$	602,105	$	626,453

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 43

D.	Tax rate reconciliation

The provision for income taxes differs from the amount computed by applying the combined expected federal and provincial income tax rate to earnings before income taxes. The reasons for these differences are as follows:


	2025			2024
Earnings before income taxes	$	777,261		$	256,716
Combined federal and provincial tax rate		26.9	%		26.9	%

Computed income tax expense		209,083			69,057
Increase (decrease) in taxes resulting from:
Difference between Canadian rates and rates applicable to subsidiaries in other countries		18,699			(4,482	)
Change in unrecognized deferred tax assets		(5,893	)		75,923
Non-taxable portion of capital loss		—			6,775
Income in equity-accounted investees		(50,577	)		(60,343	)
Other taxes		8,305			15,453
Foreign exchange permanent differences		12,305			(14,939	)
Other permanent differences		(4,203	)		(2,570	)

Income tax expense	$	187,719		$	84,874

E.	Earnings and income taxes by jurisdiction


	2025			2024
Earnings (loss) before income taxes
Canada	$	783,843		$	401,080
Foreign		(6,582	)		(144,364	)

	$	777,261		$	256,716

Current income taxes
Canada	$	2,100		$	24,149
Foreign		8,657			9,429

	$	10,757		$	33,578
Deferred income taxes (recovery)
Canada	$	180,805		$	39,115
Foreign		(3,843	)		12,181

	$	176,962		$	51,296

Income tax expense	$	187,719		$	84,874

Cameco has operations in countries where the global minimum top-up tax has been enacted or substantively enacted effective January 1, 2024, including: Canada, Australia, Barbados, Germany, Luxembourg, Switzerland and the United Kingdom. The exposure is currently only in Switzerland, as all other constituent entities have effective tax rates higher than 15% and the transitional safe harbour rules are expected to be met. As a result of this exposure, additional income tax expense of $3,307,800 (2024—$4,005,000) has been recorded relating to the profits earned in Switzerland.

44 CAMECO CORPORATION

F.	Reassessments

Canada

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour.

In September 2018, the Tax Court of Canada (Tax Court) ruled that the marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution.

As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules.

G.	Income tax losses

At December 31, 2025, income tax losses carried forward of $1,960,169,000 (2024—$1,827,706,000) are available to reduce taxable income. These losses expire as follows:


Date of expiry	Canada		US		Other		Total
2026	$	—	$	—	$	14,830	$	14,830
2027		—		—		248		248
2028		—		—		64		64
2029		47		—		12,728		12,775
2030		—		—		2,047		2,047
2031		—		22,040		40,723		62,763
2032		272		23,738		36,640		60,650
2033		—		36,485		—		36,485
2034		—		16,933		5,083		22,016
2035		—		7,718		8,037		15,755
2036		—		47,205		6,331		53,536
2037		27		35,359		3,317		38,703
2038		—		—		355		355
2039		66		—		155		221
2040		37		—		423		460
2041		77		—		188		265
2042		49		—		198		247
2043		71		—		—		71
2044		56		—		—		56
No expiry		—		582,774		1,055,848		1,638,622

	$	702	$	772,252	$	1,187,215	$	1,960,169

Included in the table above is $1,634,391,000 (2024 - $1,542,137,000) of temporary differences related to loss carry forwards where no future benefit has been recognized.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 45

21.

Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period. The weighted average number of paid shares outstanding in 2025 was 435,361,956 (2024 - 434,870,473).


	2025		2024
Basic earnings per share computation
Net earnings attributable to equity holders	$	589,577	$	171,853
Weighted average common shares outstanding		435,362		434,870

Basic earnings per common share	$	1.35	$	0.40

Diluted earnings per share computation
Net earnings attributable to equity holders	$	589,577	$	171,853
Weighted average common shares outstanding		435,362		434,870
Dilutive effect of stock options		218		1,086

Weighted average common shares outstanding, assuming dilution		435,580		435,956

Diluted earnings per common share	$	1.35	$	0.39

The average market value of the Company’s shares for the purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding.

22.

Supplemental cash flow information

Other operating items included in the statements of cash flows are as follows:


	2025			2024
Changes in non-cash working capital:
Accounts receivable	$	(15,254	)	$	78,562
Inventories		44,251			(115,679	)
Supplies and prepaid expenses		(24,099	)		4,151
Accounts payable and accrued liabilities		232,137			21,400
Reclamation payments		(27,583	)		(34,746	)
Other		(929	)		(5,913	)

Total	$	208,523		$	(52,225	)

46 CAMECO CORPORATION

The changes arising from financing activities in 2025 were as follows:


	Long-term			Interest			Lease			Dividends			Share
	debt			payable			obligation			payable			capital		Total
Balance at January 1, 2025	$	1,281,290		$	10,073		$	9,839		$	—		$	2,935,367	$	4,236,569
Changes from financing cash flows:
Dividends paid		—			—			—			(104,480	)		—		(104,480	)
Interest paid		—			(52,130	)		(512	)		—			—		(52,642	)
Lease principal payments		—			—			(2,733	)		—			—		(2,733	)
Shares issued, stock option plan		—			—			—			—			2,170		2,170
Term loan repayment		(285,240	)		—			—			—			—		(285,240	)

Total cash changes		(285,240	)		(52,130	)		(3,245	)		(104,480	)		2,170		(442,925	)

Non-cash changes:
Amortization of issue costs		2,721			—			—			—			—		2,721
Dividends declared		—			—			—			104,480			—		104,480
Interest expense		—			51,828			512			—			—		52,340
Right-of-use asset additions		—			—			5,366			—			—		5,366
Other		—			—			2,462			—			—		2,462
Shares issued, stock option plan		—			—			—			—			698		698
Foreign exchange		(2,423	)		(9	)		(1	)		—			—		(2,433	)

Total non-cash changes		298			51,819			8,339			104,480			698		165,634

Balance at December 31, 2025	$	996,348		$	9,762		$	14,933		$	—		$	2,938,235	$	3,959,278

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 47

The changes arising from financing activities in 2024 were as follows:


	Long-term			Interest			Lease			Dividends			Share
	debt			payable			obligation			payable			capital		Total
Balance at January 1, 2024	$	1,784,174		$	14,087		$	10,816		$	—		$	2,914,165	$	4,723,242
Changes from financing cash flows:
Dividends paid		—			—			—			(69,641	)		—		(69,641	)
Interest paid		—			(88,333	)		(485	)		—			—		(88,818	)
Lease principal payments		—			—			(2,051	)		—			—		(2,051	)
Shares issued, stock option plan	—			—			—			—			16,656		16,656
Debenture issuance	497,022			—			—			—			—		497,022
Debenture repayment		(500,000	)		—			—			—			—		(500,000	)
Term loan repayment		(541,590	)		—			—			—			—		(541,590	)

Total cash changes		(544,568	)		(88,333	)		(2,536	)		(69,641	)		16,656		(688,422	)

Non-cash changes:
Amortization of issue costs		7,342			—			—			—			—		7,342
Dividends declared		—			—			—			69,641			—		69,641
Interest expense		—			84,094			485			—			—		84,579
Right-of-use asset additions		—			—			1,100			—			—		1,100
Other		—			—			(27	)		—			—		(27	)
Shares issued, stock option plan		—			—			—			—			4,546		4,546
Foreign exchange		34,342			225			1			—			—		34,568

Total non-cash changes		41,684			84,319			1,559			69,641			4,546		201,749

Balance at December 31, 2024	$	1,281,290		$	10,073		$	9,839		$	—		$	2,935,367	$	4,236,569

23. Share-based compensation plans

The Company has the following plans:

A. Stock option plan

The Company has established a stock option plan under which options to purchase common shares may be granted to employees of Cameco. Options granted under the stock option plan have an exercise price of not less than the closing price quoted on the Toronto Stock Exchange (TSX) for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options carry vesting periods of one to three years, and expire eight years from the date granted.

The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 of which 33,478,285 shares have been issued.

48 CAMECO CORPORATION

Stock option transactions for the respective years were as follows:


(Number of options)		2025			2024
Beginning of year	259,958			1,396,289
Granted		—			—
Exercised [note 16]		(145,895	)		(1,136,331	)

End of year		114,063			259,958

Exercisable		114,063			259,958

Weighted average share prices were as follows:


	2025		2024
Beginning of year	$	15.05	$	14.73
Granted		—		—
Exercised		14.87		14.66

End of year	$	15.27	$	15.05

Exercisable	$	15.27	$	15.05

The weighted average share price at the dates of exercise during 2025 was $106.44 per share (2024—$69.86).

Total options outstanding and exercisable at December 31, 2025 were as follows:


			Options outstanding				Options exercisable
Option price per share	Number		Weighted average remaining life		Weighted average exercisable price		Number		Weighted average exercisable price
$15.27		114,063		1.2	$	15.27		114,063	$	15.27

		114,063						114,063

The foregoing options have an expiry date of February 28, 2027.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 49

B. Executive performance share unit (PSU)

The Company has established a PSU plan whereby it provides each plan participant an annual grant of PSUs in an amount determined by the board. Each PSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the participant’s discretion provided they have met their ownership requirements, at the end of each three-year period if certain performance and vesting criteria have been met. The final value of the PSUs will be based on the value of Cameco common shares at the end of the three-year period and the number of PSUs that ultimately vest. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. Vesting of PSUs at the end of the three-year period is based on Cameco’s ability to meet its annual operating targets and whether the participating executive remains employed by Cameco at the end of the three-year vesting period. If the participant elects a cash payout, the redemption amount will be based on the volume-weighted average trading price of Cameco’s common shares on March 1 or, if March 1 is not a trading day, on the first trading day following March 1. As of December 31, 2025, the total number of PSUs held by the participants, after adjusting for forfeitures on retirement, was 584,657 (2024 - 636,588).

Performance share unit activity for the period was as follows:


	2025			2024
Beginning of year		636,588			830,279
Granted		183,370			178,600
Settled		(236,434	)		(368,636	)
Forfeited		—			(4,930	)
Dividends reinvested		1,133			1,275

End of year		584,657			636,588

C. Restricted share unit (RSU)

The Company has established an RSU plan whereby it provides each plan participant an annual grant of RSUs in an amount determined by the board. Each RSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the board’s discretion. The RSUs carry vesting periods of one to three years, and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the third anniversary of the date of the grant. These same participants, if they have met or are not subject to share ownership requirements, may elect to have their award paid as a lump sum cash amount. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. As of December 31, 2025, the total number of RSUs held by the participants was 757,959 (2024 - 734,000).

Restricted share unit activity for the period was as follows:


	2025			2024
Beginning of year		734,000			814,683
Granted		327,867			322,267
Settled		(293,551	)		(380,273	)
Forfeited		(11,826	)		(24,148	)
Dividends reinvested		1,469			1,471

End of year		757,959			734,000

50 CAMECO CORPORATION

D. Phantom stock option

The Company has established a phantom stock option plan for eligible non-North American employees. Employees receive the equivalent value of shares in cash when exercised. Options granted under the phantom stock option plan have an award value equal to the closing price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options vest over three years and expire eight years from the date granted. As of December 31, 2025, the number of options held by participating employees was 12,500 (2024 - 35,361) with an exercise price of $11.61 per share (2024 - $11.61 to $15.27) and a weighted average exercise price of $11.61 (2024 - $12.48).

Phantom stock option unit activity for the period was as follows:


	2025			2024
Beginning of year		35,361			45,551
Granted		—			—
Exercised		(22,861	)		(10,190	)
Forfeited		—			—

End of year		12,500			35,361

E. Phantom restricted share unit (PRSU)

The Company has established a PRSU plan whereby it provides non-North American employees an annual grant of PRSUs in an amount determined by the board. Each PRSU represents one phantom common share that entitles the participant to a payment of cash with an equivalent market value. The PRSUs carry vesting periods of one to three years, and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the third anniversary of the date of the grant. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. As of December 31, 2025, the total number of PRSUs held by the participants was 24,023 (2024 - 25,560).

Phantom restricted share unit activity for the period was as follows:


	2025			2024
Beginning of year		25,560			28,000
Granted		9,121			9,096
Settled		(10,704	)		(11,587	)
Forfeited		—			—
Dividends reinvested		46			51

End of year		24,023			25,560

F. Employee share ownership plan

Cameco also has an employee share ownership plan, whereby both employee and Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed during the year of contribution. Under the plan, employees have the opportunity to participate in the program to a maximum of 6% of eligible earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares annually to each employee that is enrolled in the plan. Shares purchased with Company contributions and with dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased. At December 31, 2025, there were 3,378 participants in the plan (2024 - 3,065). The total number of shares purchased in 2025 with Company contributions was 65,051 (2024 - 76,926). In 2025, the Company’s contributions totaled $5,612,000 (2024 - $4,881,000).

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 51

G. Deferred share unit (DSU)

Cameco offers a DSU plan to non-employee directors. A DSU is a notional unit that reflects the market value of a single common share of Cameco. 60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form of DSUs. If a director meets their ownership requirements, the director may elect to take 25%, 50%, 75% or 100% of their annual retainer and any fees in cash, with the balance, if any, to be paid in DSUs. Each DSU fully vests upon award. Dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. The DSUs will be redeemed for cash upon a director leaving the board. The redemption amount will be based upon the weighted average of the closing prices of the common shares of Cameco on the TSX for the last 20 trading days prior to the redemption date multiplied by the number of DSUs held by the director. As of December 31, 2025, the total number of DSUs held by participating directors was 335,436 (2024—310,604).

Equity-settled plans

Cameco records compensation expense under its equity-settled plans with an offsetting credit to contributed surplus, to reflect the estimated fair value of units granted to employees. During the year, the Company recognized the following expenses under these plans:


	2025		2024
Employee share ownership plan	$	5,612	$	4,881
Restricted share unit plan		9,656		6,775

Total	$	15,268	$	11,656

Fair value measurement of equity-settled plans

The fair value of RSUs granted was determined based on their intrinsic value on the date of grant. Expected volatility was estimated by considering historic average share price volatility.

The inputs used in the measurement of the fair values at grant date of the equity-settled RSU plan were as follows:


	Grant date
	Mar 1/25
Number of options granted		205,934
Average strike price	$	63.70
Expected forfeitures		10	%
Weighted average grant date fair values	$	63.70

52 CAMECO CORPORATION

Cash-settled plans

Cameco has recognized the following expenses under its cash-settled plans:


	2025		2024
Performance share unit plan	$	28,854	$	13,249
Restricted share unit plan		20,920		13,125
Deferred share unit plan		19,201		9,221
Phantom stock option plan		1,017		743
Phantom restricted share unit plan		1,369		863

Total	$	71,361	$	37,201

At December 31, 2025, a liability of $114,064,000 (2024 - $65,881,000) was included in the consolidated statement of financial position to recognize accrued but unpaid expenses for cash-settled plans.

Fair value measurement of cash-settled plans

The fair value of the units granted through the PSU plan was determined based on Monte Carlo simulation and projections of the non-market criteria. The fair value of RSUs and PRSUs granted was determined based on their intrinsic value on the date of grant. The phantom stock option plan was measured based on the Black-Scholes option-pricing model. Expected volatility is estimated by considering historic average share price volatility.

The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the March 1, 2025 grant date were as follows:


							Phantom
	PSU			RSU			RSU
Number of units		183,370			122,320			9,121
Expected vesting		139	%		—			—
Expected life of option		3 years			3 years			3 years
Expected forfeitures		9	%		9	%		7	%
Weighted average measurement date fair values	$	63.70		$	63.70		$	63.70

The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the reporting date were as follows:


	Phantom									Phantom
	stock options			PSU			RSU			RSU
Number of units		12,500			584,657			396,819			24,023
Expected vesting		—			80	%		—			—
Average strike price	$	11.61			—			—			—
Expected dividend	$	0.24			—			—			—
Expected volatility		44	%		—			—			—
Risk-free interest rate		2.6	%		—			—			—
Expected life of option		2.2 years			0.9 years			1.1 years			1.0years
Expected forfeitures		7	%		3	%		8	%		7	%
Weighted average measurement date fair values	$	114.18		$	125.68		$	125.68		$	125.68

In addition to these inputs, other features of the PSU grant were incorporated into the measurement of fair value. The non-market criteria relating to realized selling prices and operating targets have been incorporated into the valuation at both grant and reporting date by reviewing prior history and corporate budgets.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 53

24. Pension and other post-retirement benefits

Cameco maintains both defined benefit and defined contribution plans providing pension benefits to substantially all of its employees. All regular and temporary employees participate in a registered defined contribution plan. This plan is registered under the Pension Benefits Standard Act, 1985. In addition, all Canadian-based executives participate in a non-registered supplemental executive pension plan which is a defined benefit plan.

Under the supplemental executive pension plan (SEPP), Cameco provides a lump sum benefit equal to the present value of a lifetime pension benefit based on the executive’s length of service and final average earnings. The plan provides for unreduced benefits to be paid at the normal retirement age of 65, however unreduced benefits could be paid if the executive was at least 60 years of age and had 20 years of service at retirement. This program provides for a benefit determined by a formula based on earnings and service, reduced by the benefits payable under the registered base plan. Security is provided for the SEPP benefits through a letter of credit held by the plan’s trustee. The face amount of the letter of credit is determined each year based on the wind-up liabilities of the supplemental plan, less any plan assets currently held with the trustee. A valuation is required annually to determine the letter of credit amount. Benefits will continue to be paid from plan assets until the fund is exhausted, at which time Cameco will begin paying benefits from corporate assets.

Cameco also maintains non-pension post-retirement plans (“other benefit plans”) which are defined benefit plans that cover such benefits as group life insurance and supplemental health and dental coverage to eligible employees and their dependents. The costs related to these plans are charged to earnings in the period during which the employment services are rendered. These plans are funded by Cameco as benefit claims are made.

The board of directors of Cameco has final responsibility and accountability for the Cameco retirement programs. The board is ultimately responsible for managing the programs to comply with applicable legislation, providing oversight over the general functions and setting certain policies.

Cameco expects to pay $1,911,954 in contributions and letter of credit fees to its defined benefit plans in 2026.

The post-retirement plans expose Cameco to actuarial risks, such as longevity risk, market risk, interest rate risk, liquidity risk and foreign currency risk. The other benefit plans expose Cameco to risks of higher supplemental health and dental utilization than expected. However, the other benefit plans have limits on Cameco’s annual benefits payable.

The effective date of the most recent valuation for funding purposes on the registered defined benefit pension plans is January 1, 2024. The next planned effective date for valuations is January 1, 2027.

54 CAMECO CORPORATION

Cameco has more than one defined benefit plan and has generally provided aggregated disclosures in respect of these plans, on the basis that these plans are not exposed to materially different risks. Information relating to Cameco’s defined benefit plans is shown in the following table:


	Pension benefit plans						Other benefit plans
	2025			2024			2025			2024
Fair value of plan assets, beginning of year	$	3,991		$	3,717		$	—		$	—
Interest income on plan assets		172			150			—			—
Return on assets excluding interest income		33			95			—			—
Employer contributions		943			943			—			—
Benefits paid		(915	)		(911	)		—			—
Administrative costs paid		(3	)		(3	)		—			—

Fair value of plan assets, end of year	$	4,221		$	3,991		$	—		$	—

Defined benefit obligation, beginning of year	$	57,365		$	60,038		$	25,300		$	20,681
Current service cost		2,019			2,008			1,084			849
Interest cost		2,558			2,619			1,125			948
Actuarial loss (gain) arising from:
- financial assumptions		(2,749	)		(909	)		(517	)		—
- experience adjustment		4,717			4,242			(303	)		7
Past service cost		—			—			—			4,652
Benefits paid		(1,810	)		(10,972	)		(1,397	)		(1,837	)
Foreign exchange		716			339			—			—

Defined benefit obligation, end of year	$	62,816		$	57,365		$	25,292		$	25,300

Defined benefit liability [note 14]	$	(58,595	)	$	(53,374	)	$	(25,292	)	$	(25,300	)

The percentages of the total fair value of assets in the pension plans for each asset category at December 31 were as follows:


	Pension benefit plans
	2025			2024
Asset category^(a)
Canadian equity securities		9	%		8	%
U.S. equity securities		15	%		14	%
Global equity securities		7	%		6	%
Canadian fixed income		37	%		35	%
Other^(b)		32	%		37	%

Total		100	%		100	%

(a)	The defined benefit plan assets contain no material amounts of related party assets at December 31, 2025 and 2024 respectively.

(b)	Relates mainly to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 55

The following represents the components of net pension and other benefit expense included primarily as part of administration.


	Pension benefit plans				Other benefit plans
	2025		2024		2025		2024
Current service cost	$	2,019	$	2,008	$	1,084	$	849
Net interest cost		2,386		2,469		1,125		948
Past service cost		—		—		—		4,652
Administration cost		3		3		—		—

Defined benefit expense [note 18]		4,408		4,480		2,209		6,449
Defined contribution pension expense [note 18]		23,518		20,218		—		—

Net pension and other benefit expense	$	27,926	$	24,698	$	2,209	$	6,449

The total amount of actuarial losses (gains) recognized in other comprehensive income is:


	Pension benefit plans						Other benefit plans
	2025			2024			2025			2024
Actuarial loss (gains)	$	1,968		$	3,333		$	(820	)	$	7
Return on plan assets excluding interest income		(33	)		(95	)		—			—

	$	1,935		$	3,238		$	(820	)	$	7

The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense were as follows at December 31 (expressed as weighted averages):


	Pension benefit plans						Other benefit plans
	2025			2024			2025			2024
Discount rate—obligation		4.2	%		3.9	%		4.8	%		4.6	%
Discount rate—expense		3.9	%		3.8	%		4.6	%		4.6	%
Rate of compensation increase		2.9	%		2.9	%		—			—
Health care cost trend rate		—			—			5.0	%		5.0	%
Dental care cost trend rate		—			—			4.5	%		4.5	%

At December 31, 2025, the weighted average duration of the defined benefit obligation for the pension plans was 19.5 years (2024 - 18.4 years) and for the other benefit plans was 10.6 years (2024 - 10.6 years).

A 1% change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the following:


	Pension benefit plans						Other benefit plans
	Increase			Decrease			Increase			Decrease
Discount rate	$	(8,905	)	$	11,365		$	(2,432	)	$	2,902
Rate of compensation increase		2,522			(2,328	)		n/a			n/a

A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation.

The methods and assumptions used in preparing the sensitivity analyses are the same as the methods and assumptions used in determining the financial position of Cameco’s plans as at December 31, 2025. The sensitivity analyses are determined by varying the sensitivity assumption and leaving all other assumptions unchanged. Therefore, the sensitivity analyses do not recognize any interdependence in the assumptions. The methods and assumptions used in determining the above sensitivity are consistent with the methods and assumptions used in the previous year.

56 CAMECO CORPORATION

In addition, an increase of one year in the expected lifetime of plan participants in the pension benefit plans would increase the defined benefit obligation by $462,000.

To measure the longevity risk for these plans, the mortality rates were reduced such that the average life expectancy for all members increased by one year. The reduced mortality rates were subsequently used to re-measure the defined benefit obligation of the entire plan.

25. Financial instruments and related risk management

Cameco is exposed in varying degrees to a variety of risks from its use of financial instruments. Management and the board of directors, both separately and together, discuss the principal risks of our businesses. The board sets policies for the implementation of systems to manage, monitor and mitigate identifiable risks. Cameco’s risk management objective in relation to these instruments is to protect and minimize volatility in cash flow. The types of risks Cameco is exposed to, the source of risk exposure and how each is managed is outlined below.

Market risk

Market risk is the risk that changes in market prices, such as commodity prices, foreign currency exchange rates and interest rates, will affect the Company’s earnings or the fair value of its financial instruments. Cameco engages in various business activities which expose the Company to market risk. As part of its overall risk management strategy, Cameco uses derivatives to manage some of its exposures to market risk that result from these activities.

Derivative instruments may include financial and physical forward contracts. Such contracts may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency. Market risks are monitored regularly against defined risk limits and tolerances.

Cameco’s actual exposure to these market risks is constantly changing as the Company’s portfolios of foreign currency and interest rate contracts change.

The types of market risk exposure and the way in which such exposure is managed are as follows:

A. Commodity price risk

As a significant producer and supplier of uranium and nuclear fuel processing services, Cameco bears significant exposure to changes in prices for these products. A substantial change in prices will affect the Company’s net earnings and operating cash flows. Prices for Cameco’s products are volatile and are influenced by numerous factors beyond the Company’s control, such as supply and demand fundamentals and geopolitical events.

Cameco’s sales contracting strategy focuses on reducing the volatility in future earnings and cash flow, while providing both protection against decreases in market price and retention of exposure to future market price increases. To mitigate the risks associated with the fluctuations in the market price for uranium products, Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of delivery dates and pricing mechanisms that provide a degree of protection from pricing volatility.

B. Foreign exchange risk

The relationship between the Canadian and US dollar affects financial results of the uranium business as well as the fuel services business. Sales of uranium product, conversion and fuel manufacturing services are routinely denominated in US dollars while production costs are largely denominated in Canadian dollars.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 57

Cameco attempts to provide some protection against exchange rate fluctuations by planned hedging activity designed to smooth volatility. To mitigate risks associated with foreign currency, Cameco enters into forward sales and option contracts to establish a price for future delivery of the foreign currency. These foreign currency contracts are not designated as hedges and are recorded at fair value with changes in fair value recognized in earnings. Cameco also has a natural hedge against US currency fluctuations because a portion of its annual cash outlays, including purchases of uranium and conversion services, is denominated in US dollars.

Cameco holds a number of financial instruments denominated in foreign currencies that expose the Company to foreign exchange risk. Cameco measures its exposure to foreign exchange risk on financial instruments as the change in carrying values that would occur as a result of reasonably possible changes in foreign exchange rates, holding all other variables constant. As of the reporting date, the Company has determined its pre-tax exposure to foreign currency exchange risk on financial instruments to be as follows based on a 5% weakening of the Canadian dollar:


			Carrying value
	Currency		(Cdn)			Gain (loss)
Cash and cash equivalents		USD	$	207,370		$	10,368
Accounts receivable		USD		317,839			15,892
Accounts payable and accrued liabilities		USD		(501,457	)		(25,073	)
Net foreign currency derivatives		USD		3,922			(153,023	)

C. Interest rate risk

The Company has a strategy of minimizing its exposure to interest rate risk by maintaining target levels of fixed and variable rate borrowings. The proportions of outstanding debt carrying fixed and variable interest rates are reviewed by senior management to ensure that these levels are within approved policy limits. At December 31, 2025, the proportion of Cameco’s outstanding debt that carries fixed interest rates is 92% (2024 - 72%).

Cameco was exposed to interest rate risk during the year through its interest rate swap contracts whereby fixed rate payments on a notional amount of $75,000,000 of the Series H senior unsecured debentures were swapped for variable rate payments. Under the terms of the swap, Cameco makes interest payments based on the daily Canada Overnight Repo Rate Average plus an average margin of 1.3% and receives fixed interest payments of 2.95%. At December 31, 2025, the fair value of Cameco’s interest rate swap net liability was $1,677,000 (2024 - $3,172,000).

Cameco measures its exposure to interest rate risk as the change in cash flows that would occur as a result of reasonably possible changes in interest rates, holding all other variables constant. As of the reporting date, the Company has determined the impact on earnings of a 1% increase in interest rate on its interest rate contracts to be a loss of $757,000.

58 CAMECO CORPORATION

Counterparty credit risk

Counterparty credit risk is associated with the ability of counterparties to satisfy their contractual obligations to Cameco, including both payment and performance. The maximum exposure to credit risk, as represented by the carrying amount of the financial assets, at December 31 was:


	2025		2024
Cash and cash equivalents	$	1,114,860	$	600,462
Short-term investments		99,603		—
Accounts receivable [note 6]		343,974		318,126
Derivative assets [note 10]		21,166		103

Cash and cash equivalents

Cameco held cash and cash equivalents of $1,114,860,000 at December 31, 2025 (2024—$600,462,000). Cameco mitigates its credit risk by ensuring that balances are held with counterparties with high credit ratings. The Company monitors the credit rating of its counterparties on a monthly basis and has controls in place to ensure prescribed exposure limits with each counterparty are adhered to.

Impairment on cash and cash equivalents has been measured on a 12-month ECL basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Cameco has assessed its counterparty credit risk on cash and cash equivalents by applying historic global default rates to outstanding cash balances based on S&P rating. The conclusion of this assessment is that the loss allowance is insignificant.

Short-term investments

Cameco held short-term investments of $99,603,000 at December 31, 2025 (2024—$0). The Company mitigates its credit risk by requiring that the issuer/guarantor of the investment have a minimum short-term credit rating and/or a long-term debt rating at the time of purchase, according to the investment credit ratings as issued by DBRS or S&P, or the equivalent of the DBRS or S&P rating at another reputable rating agency.

In addition to the credit-rating requirement, Cameco also mitigates risk by prescribing limits by counterparty and types of investment products.

Cameco has assessed its counterparty credit risk related to short-term investments by applying historic default rates to outstanding investment balances based on S&P rating. The conclusion of this assessment is that the loss allowance is insignificant.

Accounts receivable

Cameco’s sales of uranium product, conversion and fuel manufacturing services expose the Company to the risk of non-payment. Cameco manages the risk of non-payment by monitoring the credit-worthiness of its customers and seeking pre-payment or other forms of payment security from customers with an unacceptable level of credit risk.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 59

A summary of the Company’s exposure to credit risk for trade receivables is as follows:


	Carrying
	value
Investment grade credit rating	$	318,933
Non-investment grade credit rating		19,493

Total gross carrying amount	$	338,426
Loss allowance		—

Net	$	338,426

As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on deliveries. At December 31, 2025, all customers exceeding 10% of accounts receivable had an investment grade credit rating and balances were current. No amounts were held as collateral. Historically, Cameco has experienced minimal customer defaults and, as a result, considers the credit quality of its accounts receivable to be high.

Cameco uses customer credit rating data, historic default rates and aged receivable analysis to measure the ECLs of trade receivables from corporate customers, which comprise a small number of large balances. Since the Company has not experienced customer defaults in the past, applying historic default rates in calculating ECLs, as well as considering forward-looking information, resulted in an insignificant allowance for losses.

The following table provides information about Cameco’s aged trade receivables as at December 31, 2025:


	Corporate		Other
	customers		customers		Total
Current (not past due)	$	336,369	$	1,015		337,384
1-30 days past due		—		32		32
More than 30 days past due		—		1,010		1,010

Total	$	336,369	$	2,057		338,426

Liquidity risk

Financial liquidity represents Cameco’s ability to fund future operating activities and investments. Cameco ensures that there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and the Company’s holdings of cash and cash equivalents. The Company believes that these sources will be sufficient to cover the likely short-term and long-term cash requirements.

60 CAMECO CORPORATION

The table below outlines the Company’s available debt facilities at December 31, 2025:


	Total amount		Outstanding and committed		Amount available
Unsecured revolving credit facility [note 13]	$	1,000,000	$	—	$	1,000,000
Letter of credit facilities [note 13]		1,793,917		1,529,574		264,343

The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the expected cash flows from the reporting date to the contractual maturity date:


	Carrying amount		Contractual cash flows		Due in less than 1 year		Due in 1-3 years		Due in 3-5 years		Due after 5 years
Accounts payable and accrued liabilities	$	871,355	$	871,355	$	871,355	$	—	$	—	$	—
Long-term debt		996,348		1,000,000		—		400,000		—		600,000
Foreign currency contracts		17,244		17,244		11,589		5,655		—		—
Interest rate contracts		1,677		1,677		756		921		—		—
Lease obligation [note 14]		14,933		17,914		3,339		5,293		2,950		6,332

Total contractual repayments	$	1,901,557	$	1,908,190	$	887,039	$	411,869	$	2,950	$	606,332


	Total		Due in less than 1 year		Due in 1-3 years		Due in 3-5 years		Due after 5 years
Total interest payments on long-term debt	$	245,980	$	41,590	$	71,380	$	59,580	$	73,430

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 61

Measurement of fair values

A.	Accounting classifications and fair values

The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the reporting date:

At December 31, 2025


	FVTPL		Amortized cost			Total
Financial assets
Cash and cash equivalents	$	—	$	1,114,860		$	1,114,860
Short-term investments		—		99,603			99,603
Accounts receivable [note 6]		—		360,312			360,312
Derivative assets [note 10]
Foreign currency contracts		21,166		—			21,166

	$	21,166	$	1,574,775		$	1,595,941

Financial liabilities
Accounts payable and accrued liabilities [note 12]	$	—	$	871,355		$	871,355
Lease obligation [note 14]		—		14,933			14,933
Derivative liabilities [note 14]
Foreign currency contracts		17,244		—			17,244
Interest rate contracts		1,677		—			1,677
Long-term debt [note 13]		—		996,348			996,348

		18,921		1,882,636			1,901,557

Net	$	2,245	$	(307,861	)	$	(305,616	)

62 CAMECO CORPORATION

At December 31, 2024


	FVTPL			Amortized cost			Total
Financial assets
Cash and cash equivalents	$	—		$	600,462		$	600,462
Accounts receivable [note 6]		—			346,800			346,800
Derivative assets [note 10]
Foreign currency contracts		103			—			103

	$	103		$	947,262		$	947,365

Financial liabilities
Accounts payable and accrued liabilities [note 12]	$	—		$	619,035		$	619,035
Current portion of long-term debt [note 13]		—			285,707			285,707
Lease obligation [note 14]		—			9,839			9,839
Derivative liabilities [note 14]
Foreign currency contracts		140,437			—			140,437
Interest rate contracts		3,172			—			3,172
Long-term debt [note 13]		—			995,583			995,583

		143,609			1,910,164			2,053,773

Net	$	(143,506	)	$	(962,902	)	$	(1,106,408	)

Cameco has pledged $295,573,000 of cash as security against certain of its letter of credit facilities. This cash is being used as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of five years effective November 1, 2023. Cameco retains full access to this cash.

Cameco has not irrevocably designated a financial asset that would otherwise meet the requirements to be measured at amortized cost at FVOCI or FVTPL to eliminate or significantly reduce an accounting mismatch that would otherwise arise.

The following tables summarize the carrying amounts and level 2 fair value measurements of Cameco’s financial instruments:

As at December 31, 2025


	Carrying value			Fair value
Derivative assets [note 10]
Foreign currency contracts	$	21,166		$	21,166
Derivative liabilities [note 14]
Foreign currency contracts		(17,244	)		(17,244	)
Interest rate contracts		(1,677	)		(1,677	)
Long-term debt [note 13]		(996,348	)		(1,046,819	)

Net	$	(994,103	)	$	(1,044,574	)

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 63

As at December 31, 2024


	Carrying value			Fair value
Derivative assets [note 10]
Foreign currency contracts	$	103		$	103
Current portion of long-term debt [note 13]		(285,707	)		(285,707	)
Derivative liabilities [note 14]
Foreign currency contracts		(140,437	)		(140,437	)
Interest rate contracts		(3,172	)		(3,172	)
Long-term debt [note 13]		(995,583	)		(1,058,055	)

Net	$	(1,424,796	)	$	(1,487,268	)

The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable approximation of fair value. The carrying values of Cameco’s cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their fair values as a result of the short-term nature of the instruments.

There were no transfers between level 1 and level 2 during the period. Cameco does not have any financial instruments that are classified as level 1 or level 3 as of the reporting date.

B.	Financial instruments measured at fair value

Cameco measures its derivative financial instruments at fair value which is classified as a recurring level 2 fair value measurement.

Cameco’s long-term debt is carried at amortized cost. The fair value is measured for disclosure purposes and determined using quoted market yields as of the reporting date, which ranged from 2.5% to 3.7% (2024 - 2.8% to 3.3%). Long-term debt is classified as a recurring level 2 fair value measurement.

Cameco’s short-term investments consist of fixed term deposits and bankers discount notes with interest rates ranging from 2.3% to 2.5%. Due to the short-term nature of these investments, the fair value of these investments has been determined to approximate the carrying value.

Foreign currency derivatives consist of foreign currency forward contracts, options and swaps. The fair value of foreign currency options is measured based on the Black Scholes option-pricing model. The fair value of foreign currency forward contracts and swaps is measured using a market approach, based on the difference between contracted foreign exchange rates and quoted forward exchange rates as of the reporting date.

Interest rate derivatives consist of interest rate swap contracts. The fair value of interest rate swaps is determined by discounting expected future cash flows from the contracts. The future cash flows are determined by measuring the difference between fixed interest payments to be received and floating interest payments to be made to the counterparty based on Canada Overnight Repo Rate Average forward interest rate curves.

Where applicable, the fair value of the derivatives reflects the credit risk of the instrument and includes adjustments to take into account the credit risk of the Company and counterparty. These adjustments are based on credit ratings and yield curves observed in active markets at the reporting date.

64 CAMECO CORPORATION

Derivatives

The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial position:


	2025			2024
Non-hedge derivatives:
Foreign currency contracts	$	3,922		$	(140,334	)
Interest rate contracts		(1,677	)		(3,172	)

Net	$	2,245		$	(143,506	)

Classification:
Current portion of long-term receivables, investments and other [note 10]	$	8,933		$	68
Long-term receivables, investments and other [note 10]		12,233			35
Current portion of other liabilities [note 14]		(12,345	)		(83,890	)
Other liabilities [note 14]		(6,576	)		(59,719	)

Net	$	2,245		$	(143,506	)

The following table summarizes the different components of the gains (losses) on derivatives included in net earnings:


	2025		2024
Non-hedge derivatives:
Foreign currency contracts	$	94,838	$	(182,988	)
Interest rate contracts		179		(115	)

Net	$	95,017	$	(183,103	)

26.

Capital management

Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity.

Cameco’s capital structure reflects its strategy and the environment in which it operates. Delivering returns to long-term shareholders is a top priority. The Company’s objective is to maximize cash flow while maintaining its investment grade rating through close capital management of our balance sheet metrics. Capital resources are managed to allow it to support achievement of its goals while managing financial risks such as weakness in the market, litigation risk and refinancing risk. The overall objectives for managing capital in 2025 reflect the environment that the Company is operating in, similar to the prior comparative period.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 65

The capital structure at December 31 was as follows:


	2025			2024
Current portion of long-term debt [note 13]	$	—		$	285,707
Long-term debt [note 13]		996,348			995,583
Cash and cash equivalents		(1,114,860	)		(600,462	)
Short-term investments		(99,603	)		—

Net debt		(218,115	)		680,828

Non-controlling interest		15			26
Shareholders’ equity		6,903,363			6,364,307

Total equity		6,903,378			6,364,333

Total capital	$	6,685,263		$	7,045,161

Cameco is bound by certain covenants in its general credit facilities. The financial covenants place restrictions on total debt, including guarantees and other financial assurances. As of December 31, 2025, Cameco met these requirements.

27.

Segmented information

Cameco has three reportable segments: uranium, fuel services and Westinghouse. Cameco’s reportable segments are strategic business units with different products, processes and marketing strategies. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects our earnings from this equity-accounted investment (see note 11). Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors.

Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production suspensions, including annual maintenance and other temporary shutdowns. Cameco expensed $98,714,000 of care and maintenance costs during the year (2024—$77,436,000).

Accounting policies used in each segment are consistent with the policies outlined in the summary of material accounting policies.

A.	Business segments

Consistent with the presentation of financial information for internal management purposes, Cameco’s share of Westinghouse’s financial results have been presented as a separate segment. In accordance with IFRS, this investment is accounted for by the equity method of accounting in these consolidated financial statements and the associated revenue and expenses are eliminated in the “Adjustments” column.

66 CAMECO CORPORATION

For the year ended December 31, 2025


	Uranium			Fuel services			WEC			Adjustments			Other			Total
Revenue	$	2,873,950		$	562,421		$	3,457,633		$	(3,457,633	)	$	45,562		$	3,481,933
Expenses
Cost of products and services sold		1,824,516			348,800			2,274,065			(2,274,065	)		45,250			2,218,566
Depreciation and amortization		246,326			39,813			383,235			(383,235	)		6,955			293,094

Cost of sales		2,070,842			388,613			2,657,300			(2,657,300	)		52,205			2,511,660

Gross profit (loss)		803,108			173,808			800,333			(800,333	)		(6,643	)		970,273
Administration		—			—			416,007			(416,007	)		311,250			311,250
Exploration		27,630			—			—			—			—			27,630
Research and development		—			—			—			—			38,467			38,467
Other operating income		(22,221	)		(6,112	)		—			—			—			(28,333	)
Loss on disposal of assets		2,292			825			—			—			—			3,117
Finance costs		—			—			213,051			(213,051	)		115,175			115,175
Gains on derivatives		—			—			—			—			(95,017	)		(95,017	)
Finance income		—			—			(2,522	)		2,522			(23,172	)		(23,172	)
Share of earnings from equity-accounted investees		(158,862	)		—			—			(57,524	)		—			(216,386	)
Foreign exchange losses		—			—			—			—			61,740			61,740
Other expense (income)		—			—			120,036			(120,036	)		(1,459	)		(1,459	)

Earnings (loss) before income taxes		954,269			179,095			53,761			3,763			(413,627	)		777,261
Income tax expense																	187,719

Net earnings																	589,542

Capital expenditures for the year	$	268,209		$	57,370		$	205,535		$	(205,535	)	$	7,446		$	333,025

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 67

For the year ended December 31, 2024


	Uranium			Fuel services			WEC			Adjustments			Other			Total
Revenue	$	2,676,620		$	459,152		$	2,892,467		$	(2,892,467	)	$	—		$	3,135,772
Expenses
Cost of products and services sold		1,757,155			316,040			2,075,189			(2,075,189	)		(707	)		2,072,488
Depreciation and amortization		238,726			37,236			356,864			(356,864	)		4,740			280,702

Cost of sales		1,995,881			353,276			2,432,053			(2,432,053	)		4,033			2,353,190

Gross profit (loss)		680,739			105,876			460,414			(460,414	)		(4,033	)		782,582
Administration		—			—			402,448			(402,448	)		253,150			253,150
Exploration		19,419			—			—			—			—			19,419
Research and development		—			—			—			—			36,540			36,540
Other operating income		(35,090	)		(2,593	)		—			—			—			(37,683	)
(Gain) loss on disposal of assets		253			791			—			—			(2	)		1,042
Finance costs		—			—			225,188			(225,188	)		147,171			147,171
Losses on derivatives		—			—			—			—			183,103			183,103
Finance income		—			—			(4,381	)		4,381			(21,228	)		(21,228	)
Share of loss (earnings) from equity-accounted investee		(207,583	)		—			—			218,427			—			10,844
Foreign exchange gains		—			—			—			—			(65,517	)		(65,517	)
Other expense (income)		—			—			116,697			(116,697	)		(975	)		(975	)

Earnings (loss) before income taxes		903,740			107,678			(279,538	)		61,111			(536,275	)		256,716
Income tax expense																	84,874

Net earnings																	171,842

Capital expenditures for the year	$	132,827		$	48,667		$	176,229		$	(176,229	)	$	30,141		$	211,635

B. Geographic segments

Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows:


	2025		2024
Canada	$	3,034,652	$	2,495,748
United States		424,123		640,024
Switzerland		23,158		—

	$	3,481,933	$	3,135,772

68 CAMECO CORPORATION

The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows:


	2025		2024
Canada	$	2,884,969	$	2,859,401
United States		2,753,805		3,015,292
Australia		394,276		383,338
Kazakhstan		315,314		286,759
Other		1		3

	$	6,348,365	$	6,544,793

C. Major customers

Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium conversion services. During 2025, revenues from three customers of Cameco’s uranium and fuel services segments represented approximately $702,363,000 (2024—$1,062,733,000), approximately 20% (2024—34%) of Cameco’s total revenues from these segments. As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule.

28. Group entities

The following are the principal subsidiaries, associate and joint venture of the Company:


	Principal place		Ownership interest
	of business		2025			2024
Subsidiaries:
Cameco Fuel Manufacturing Inc.		Canada		100	%		100	%
Cameco Marketing Inc.		Canada		100	%		100	%
Cameco Inc.		US		100	%		100	%
Power Resources, Inc.		US		100	%		100	%
Crow Butte Resources, Inc.		US		100	%		100	%
Cameco U.S. Holdings, Inc.		US		100	%		100	%
Cameco Australia Pty. Ltd.		Australia		100	%		100	%
Cameco Europe Ltd.		Switzerland		100	%		100	%
Associate:
JV Inkai		Kazakhstan		40	%		40	%
Joint Venture:
Watt New Aggregator L.P. (Westinghouse)		US		49	%		49	%

29. Joint operations

Cameco conducts a portion of its exploration, development, mining and milling activities through joint operations. Operations are governed by agreements that provide for joint control of the strategic operating, investing and financing activities among the partners. These agreements were considered in the determination of joint control. Cameco’s significant Canadian uranium joint operation interests are McArthur River, Key Lake and Cigar Lake. The Canadian uranium joint operations allocate uranium production to each joint operation participant and the joint operation participant derives revenue directly from the sale of such product. Mining and milling expenses incurred by joint operations are included in the cost of inventory.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 69

Cameco reflects its proportionate interest in these assets and liabilities as follows:


	Principal place
	of business		Ownership			2025		2024
Total assets
McArthur River		Canada		69.81	%	$	1,011,469	$	963,183
Key Lake		Canada		83.33	%		516,791		485,635
Cigar Lake		Canada		54.55	%		978,600		1,010,646

						$	2,506,860	$	2,459,464

Total liabilities
McArthur River				69.81	%	$	57,890	$	53,373
Key Lake				83.33	%		264,001		248,107
Cigar Lake				54.55	%		65,569		57,125

						$	387,460	$	358,605

30.

Related parties

A.	Transactions with key management personnel

Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel of the Company include executive officers, vice-presidents, other senior managers and members of the board of directors.

In addition to their salaries, Cameco also provides non-cash benefits to executive officers and vice-presidents and contributes to pension plans on their behalf (note 24). Senior management and directors also participate in the Company’s share-based compensation plans (note 23).

Executive officers are subject to terms of notice ranging from three to six months. Upon resignation at the Company’s request, they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The termination benefits include gross salary plus the target short-term incentive bonus for the year in which termination occurs.

Compensation for key management personnel was comprised of:


	2025		2024
Short-term employee benefits	$	35,202	$	39,224
Share-based compensation^(a)		51,521		27,373
Post-employment benefits		7,938		12,128
Termination benefits		—		1,389

Total	$	94,661	$	80,114

(a)	Excludes deferred share units held by directors (see note 23).

Certain key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. As noted below, some of these entities transacted with the Company during the year. The terms and conditions were on an arm’s length basis.

70 CAMECO CORPORATION

Cameco purchases a significant amount of goods and services for its Saskatchewan mining operations from northern Saskatchewan suppliers and other local businesses to support economic development in the region. The president of several of these suppliers is a member of the board of directors. During the year ended December 31, 2025, Cameco paid these suppliers $86,265,000 (2024—$87,708,000). The transactions were conducted in the normal course of business and were accounted for at the exchange amount. Accounts payable includes a balance of $2,138,000 at the reporting date (2024—$1,156,000).

B. Other related party transactions


	Transaction value				Balance outstanding
	year ended				as at
	2025		2024		2025		2024
Joint venture
Sales revenue^(a)	$	144,257	$	45,433	$	—	$	32
Fuel storage and handling^(a)		1		50		—		26
Deferred sales^(a)		—		—		32,148		75,083
Dividends received^(a)		309,778		—		—		—
Associate
Product purchases^(b)		461,652		456,963		439,521		301,652
Dividends received^(b)		136,971		185,447		—		—

(a)

Cameco has entered into various agreements with Westinghouse and its subsidiaries and has recognized sales revenue related to fuel supply agreements and incurred costs related to fuel storage and handling fees. Contract terms are in the normal course of business and were accounted for at the exchange amount. Cash dividends are also received from Westinghouse. Subsequent to year-end, on February 4, 2026, Cameco received a dividend of US$49,000,000.

(b)	Cameco purchases uranium concentrate from JV Inkai. Purchases from JV Inkai are based on the prevailing uranium spot price less a 5% discount with extended payment terms. Cash dividends are also received from JV Inkai.

2025 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 71