3
The forward-looking information and statements included
in this Annual Report on Form 40-F (including the
exhibits hereto) represent our views as of the date of
such documents and should not be relied upon as
representing our views as of any subsequent date. While
we anticipate that subsequent events and developments
may cause our views to change, we specifically disclaim
any intention or obligation to update forward-looking
information and statements, whether as a result of new information,
future events or otherwise, except to the
extent required by applicable securities laws. Forward-looking
information and statements contained in this
Annual Report on Form 40-F about prospective results
of operations, financial position or cash flows that are
based upon assumptions about future economic conditions
and courses of action are presented for the purpose
of assisting our security holders in understanding management’s
current views regarding those future outcomes,
and may not be appropriate for other purposes.
See Cameco’s Annual Information Form for the year
ended December 31, 2025, attached as Exhibit 99.1 to
this
Annual Report on Form 40-F,
under the heading “Caution about forward-looking
information”, and Cameco’s
management’s discussion and analysis for the year
ended December 31, 2025, attached as Exhibit 99.3 to
this
Annual Report on Form 40-F,
under the heading “Caution about forward-looking
information”, for additional
information regarding forward-looking statements.
Certifications and Disclosure Regarding Controls and
Procedures
.
(a)
Certifications regarding controls and procedures
.
See Exhibits 99.6 and 99.7.
(b)
Evaluation of
disclosure controls
and procedures
. As
of December
31, 2025,
an evaluation
of the
effectiveness of Cameco Corporation’s “disclosure controls and procedures” (as such term is defined in
Rules 13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) was carried out
by Cameco Corporation’s
Chief
Executive Officer (“CEO”)
and Chief
Financial Officer (“CFO”). Based on that
evaluation, the CEO and CFO have concluded
that as of such
date Cameco Corporation’s
disclosure controls and procedures
were effective to
provide a reasonable
level of
assurance that
information
required
to be
disclosed
by Cameco
Corporation
in reports
that it
files or
submits under
the Exchange
Act is
recorded, processed,
summarized and
reported within
the
time periods specified in United States Securities and
Exchange Commission (the “Commission”) rules
and forms.
(c)
Management’s
annual
report
on
internal
control
over
financial
reporting
.
Company,
including
the
CEO
and
CFO,
is
responsible
for
establishing
and
maintaining
adequate
“internal control over financial reporting”, as that term is
defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act, for Cameco Corporation. Management conducted an evaluation of the effectiveness
of internal control
over financial reporting
based on criteria
established in Internal
Control – Integrated
Framework (2013) issued by
the Committee of
Sponsoring Organizations of the
Treadway Commission.
Based
on
that
evaluation,
management
concluded
that
Cameco
Corporation’s
internal
control
over
financial reporting was effective as of December 31,
2025.
It should be noted that
while the CEO and
CFO believe that Cameco
Corporation’s disclosure controls
and procedures and
internal control over
financial reporting provide a
reasonable level of
assurance that
they are effective,
they do
not expect such
disclosure controls
and procedures
or internal control
over
financial reporting
to be
capable of
preventing
or detecting
all errors
and fraud.
A control
system, no
matter how well
conceived or operated,
can provide only
reasonable, not absolute,
assurance that the
objectives of the control system are met.
(d)
Attestation
report
of
the
registered
public
accounting
firm
.
The
effectiveness
of
Cameco
Corporation’s internal control
over financial reporting as
of December 31, 2025,
was audited by KPMG
LLP,
an independent
registered public
accounting firm,
as stated
in its report,
which accompanies
the
Cameco 2025
Consolidated Audited
Financial Statements
that are
filed as
Exhibit 99.2
to this
Annual
Report on Form 40-F.