1
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Cameco Corporation
2025 Consolidated Audited Financial Statements
February 12, 2026
2
Cameco Corporation
2025 consolidated financial statements
February 12, 2026
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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
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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.
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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
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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.
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Original signed by KPMG LLP
Chartered Professional Accountants
Saskatoon, Canada
February 12, 2026
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Consolidated statements of earnings
For the years ended December 31
Note
2025
2024
($Cdn thousands, except per share amounts)
Revenue from products and services
17
$
$
Cost of products and services sold
Depreciation and amortization
Cost of sales
27
Gross profit
Administration
Exploration
Research and development
Other operating income
15
(28,333 )
(37,683 )
Loss on disposal of assets
Earnings from operations
Finance costs
19
(115,175 )
(147,171 )
Gains (losses) on derivatives
25
(183,103 )
Finance income
Share of earnings (loss) from equity-accounted investees
11
(10,844 )
Foreign exchange gains (losses)
(61,740 )
Other income
Earnings before income taxes
Income tax expense
20
Net earnings
$
$
Net earnings (loss) attributable to:
Equity holders
Non-controlling interest
(35 )
(11 )
Net earnings
$
$
Earnings per common share attributable to equity holders:
Basic
21
$
$
Diluted
21
$
$
See accompanying notes to consolidated financial statements.
9
Consolidated statements of comprehensive income
For the years ended December 31
Note
2025
2024
($Cdn thousands)
Net earnings
$
$
Other comprehensive income (loss), net of taxes:
-
-
Items that will not be reclassified to net earnings:
Remeasurements of defined benefit liability
1
24
(684 )
(2,276 )
Remeasurements of defined benefit liability - equity-accounted
investee
2
-
Items that are or may be reclassified to net earnings:
Exchange differences on translation of foreign operations
(71,089 )
Gains (losses) on derivatives designated as cash flow hedges -
equity-accounted investee
3
(35,675 )
Exchange differences on translation of foreign operations -
equity-accounted investee
(10,646 )
Other comprehensive income, net of taxes
Total comprehensive income
$
$
Other comprehensive income (loss) attributable to:
Equity holders
$
$
Non-controlling interest
(1 )
Other comprehensive income for the year
$
$
Total comprehensive income (loss) attributable to:
Equity holders
$
$
Non-controlling interest
(36 )
(9 )
Total comprehensive income for the year
$
$
1
; 2024 - $
)
2
); 2024 - $(
))
3
; 2024 - $(
))
See accompanying notes to consolidated financial statements.
10
Consolidated statements of financial position
As at December 31
Note
2025
2024
($Cdn thousands)
Assets
Current assets
Cash and cash equivalents
$
$
Short-term investments
Accounts receivable
6
Current tax assets
Inventories
7
Supplies and prepaid expenses
Current portion of long-term receivables, investments and other
10
Total current assets
Property, plant and equipment
8
Intangible assets
9
Long-term receivables, investments and other
10
Investment in equity-accounted investees
11
Deferred tax assets
20
Total non-current assets
Total assets
$
$
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities
12
$
$
Current tax liabilities
Current portion of long-term debt
13
Current portion of other liabilities
14
Current portion of provisions
15
Total current liabilities
Long-term debt
13
Other liabilities
14
Provisions
15
Total non-current liabilities
Shareholders' equity
Share capital
Contributed surplus
Retained earnings
Other components of equity
Total shareholders' equity attributable to equity holders
Non-controlling interest
Total shareholders' equity
Total liabilities and shareholders' equity
$
$
Commitments and contingencies [notes 8, 15, 20]
See accompanying notes to consolidated financial statements.
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Consolidated statements of changes in equity
Attributable to equity holders
Foreign
Equity
Non-
Share
Contributed
Retained
currency
Cash flow
investments
controlling
Total
($Cdn thousands)
capital
surplus
earnings
translation
hedges
at FVOCI
Total
interest
equity
Balance at January 1, 2025
$
$
$
$
$
$
(748 )
$
$
$
Net earnings (loss)
(35 )
Other comprehensive
income (loss)
(35,675 )
(1 )
Total comprehensive
income (loss)
(35,675 )
(36 )
Share-based compensation
Stock options exercised
(698 )
Restricted share units
settled
(8,330 )
(8,330 )
(8,330 )
Dividends
(104,480 )
(104,480 )
(104,480 )
Transactions with owners -
contributed equity
Balance at December 31, 2025
$
$
$
$
$
(20,280 )
$
(748 )
$
$
$
Balance at January 1, 2024
$
$
$
$
(18,040 )
$
$
(748 )
$
$
$
Net earnings (loss)
(11 )
Other comprehensive income
Total comprehensive
income (loss)
(9 )
Share-based compensation
Stock options exercised
(4,546 )
Restricted share units
settled
(7,124 )
(7,124 )
(7,124 )
Dividends
(69,641 )
(69,641 )
(69,641 )
Transactions with owners -
contributed equity
Balance at December 31, 2024
$
$
$
$
$
$
(748 )
$
$
$
See accompanying notes to consolidated financial statements.
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Consolidated statements of cash flows
For the years ended December 31
Note
2025
2024
($Cdn thousands)
Operating activities
Net earnings
$
$
Adjustments for:
Depreciation and amortization
Deferred sales
17
(24,747 )
Unrealized losses (gains) on derivatives
(145,751 )
Share-based compensation
23
Loss on disposal of assets
Finance costs
19
Finance income
(23,172 )
(21,228 )
Share of loss (earnings) from equity-accounted investees
11
(216,386 )
Other income
(1,460 )
(307 )
Foreign exchange (gains) losses
(65,517 )
Other operating income
15
(28,333 )
(37,683 )
Income tax expense
20
Interest received
Income taxes paid
(90,206 )
(38,486 )
Dividends from equity-accounted investees
30
Other operating items
22
(52,225 )
Net cash provided by operations
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 )
Proceeds from sale of property, plant and equipment
Net cash used in investing
(433,520 )
(206,442 )
Financing activities
Increase in long-term debt
13
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
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
Exchange rate changes on foreign currency cash balances
(17,589 )
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
$
$
Cash and cash equivalents is comprised of:
Cash
$
$
Cash equivalents
Cash and cash equivalents
$
$
See accompanying notes to consolidated financial statements.
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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
% 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
% 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
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 UF
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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:
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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.
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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.
17
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
-
years
Plant and equipment
-
years
Furniture and fixtures
-
years
Other
-
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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.
28
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
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.
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 period affected.
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.
29
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.
30
6. Accounts receivable
2025
2024
Trade receivables
$
$
GST/VAT receivables
Other receivables
Total
$
$
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
$
$
Broken ore
Fuel services
Other
Total
$
$
Cameco expensed $
).
31
8. Property, plant and equipment
At December 31, 2025
Land
Plant
Furniture
Exploration
and
and
Under
and
buildings
equipment
construction
Total
Cost
Beginning of year
$
$
$
$
$
$
Additions
Transfers
(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 )
(26,294 )
End of year
Accumulated depreciation
Beginning of year
Depreciation charge
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 )
(33,235 )
End of year
Right-of-use assets
Beginning of year
Additions
Depreciation charge
(1,623 )
(500 )
(937 )
(3,060 )
Transfers
(24 )
End of year
Net book value at December 31, 2025
$
$
$
$
$
$
(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.
32
At December 31, 2024
Land
Plant
Furniture
Exploration
and
and
Under
and
buildings
equipment
construction
Total
Cost
Beginning of year
$
$
$
$
$
$
Additions
Transfers
(181,550 )
Change in reclamation provision
(54,991 )
(54,991 )
Disposals
(210 )
(3,004 )
(1,300 )
(255 )
(4,769 )
Effect of movements in exchange rates
End of year
Accumulated depreciation
Beginning of year
Depreciation charge
Change in reclamation provision
(a)
(37,683 )
(37,683 )
Disposals
(14 )
(2,064 )
(1,274 )
(3,352 )
Effect of movements in exchange rates
End of year
Right-of-use assets
Beginning of year
Additions
Depreciation charge
(1,291 )
(251 )
(972 )
(2,514 )
Transfers
(26 )
(28 )
(54 )
End of year
Net book value at December 31, 2024
$
$
$
$
$
$
(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 $
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.
33
9. Intangible asset
2025
2024
Cost
Beginning of year
$118,819
$118,819
End of year
Accumulated amortization
Beginning of year
Amortization charge
End of year
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]
Investment tax credits
Amounts receivable related to tax dispute [note 20]
(a)
Income tax receivable
(b)
Product loan
(c)
Other
Less current portion
(39,138 )
(1,093 )
Net
$
$
(a) Cameco was required to remit or otherwise secure
% 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
is obligated to repay the Company in kind with uranium concentrate no later than
. As at December 31,
2025,
Cameco also loaned Orano
over the period 2022 to 2024. Repayment to Cameco is to be made in kind with U
3
O
8
6
.
As at December 31, 2025,
3
O
8
6
conversion supply (December 31, 2024 -
Cameco’s weighted average cost of inventory at the time the loans were drawn.
34
11. Equity-accounted investees
2025
2024
Interest in Westinghouse
$
$
Interest in JV Inkai
Interest in Global Laser Enrichment LLC (GLE)
$
$
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
% interest and Brookfield holds
%. 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 (
%):
2025
2024
Revenue from products and services
$
$
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
Finance costs
(434,797 )
(459,567 )
Other expense
(244,972 )
(238,158 )
Income tax recovery
Net earnings (loss)
(445,769 )
Other comprehensive income
Total comprehensive income (loss)
$
$
(403,263 )
35
The following table summarizes the financial information of Westinghouse (
%) for the year ending December 31 and
reconciles it to the carrying amount of Cameco’s interest:
2025
2024
Cash and cash equivalents
$
$
Other current assets
Intangible assets
Goodwill
Non-current assets
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
$
Net assets attributable to non-controlling interest
(26,408 )
(25,127 )
Net assets attributable to shareholders
$
$
Cameco's share of net assets attributable to shareholders (
%)
Acquisition costs
(a)
Impact of foreign exchange on acquisition costs
Carrying amount of interest in Westinghouse
$
(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
% interest in GLE with an option to attain a
majority interest of up to
% 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 $
. 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.
36
B. Associate
i. JV Inkai
JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a
% interest and Kazatomprom
holds a
% 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 (
%):
2025
2024
Revenue from products and services
$
$
Cost of products and services sold
(204,998 )
(147,103 )
Depreciation and amortization
(56,909 )
(57,739 )
Finance income
Finance costs
(520 )
(704 )
Other expense
(52,355 )
(13,453 )
Income tax expense
(116,555 )
(143,974 )
Net earnings
Other comprehensive income
Total comprehensive income
$
$
The following table summarizes the financial information of JV Inkai (
%) and reconciles it to the carrying amount of
Cameco’s interest:
2025
2024
Cash and cash equivalents
$
$
Other current assets
Non-current assets
Current liabilities
(52,410 )
(42,368 )
Non-current liabilities
(23,463 )
(27,802 )
Net assets
Cameco's share of net assets (
%)
Consolidating adjustments
(a)
(116,494 )
(93,365 )
Fair value increment
(b)
Dividends declared but not received
Dividends in excess of ownership percentage
(c)
(109,064 )
(107,179 )
Impact of foreign exchange
Carrying amount of interest in JV Inkai
$
$
(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.
37
12. Accounts payable and accrued liabilities
2025
2024
Trade payables
$
$
Non-trade payables
Payables due to related parties [notes 23, 30]
Total
$
$
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 -
% debentures due
$
$
Series H -
% debentures due
Series I -
% debentures due
Term loans
Less current portion
(285,707 )
Total
$
$
Cameco has a $
. 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 $
provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the
revolving credit facility above $
, to a total of $
. The
facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2025 and 2024, there were
outstanding under this facility.
Cameco has $
) in letter of credit facilities. Outstanding and committed letters of credit at
December 31, 2025 amounted to $
), the majority of which relate to future
decommissioning and reclamation liabilities (note 15) and CRA reassessments (note 20).
On May 24, 2024, Cameco issued $
% per annum. The
net proceeds of the issue after deducting expenses were approximately $
. The debentures mature on May 24,
2031 and are being amortized at an effective interest rate of
%.
On November 7, 2023, the Company utilized a term loan for US$
% acquisition of Westinghouse.
The term loan consisted of two US$
September 9, 2024, Cameco repaid US$
January 13, 2025.
38
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. 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
$
$
14. Other liabilities
2025
2024
Deferred sales [notes 17, 30]
$
$
Derivatives [note 25]
Accrued pension and post-retirement benefit liability [note 24]
Lease obligation
Product loan
(a)
Sales contracts
Other
Less: current portion
(134,667 )
(221,820 )
Net
$
$
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
6
3
O
8
. Under the facilities, standby fees of up to
% 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
% to
%. The loans are recorded at
Cameco’s weighted average cost of inventory.
39
During the year, Cameco borrowed an additional
6
6
conversion services. At December 31, 2025, we have
6
2026
2027
2028
2029
2030
Thereafter
Total
kgU of UF
6
During the year, Cameco borrowed an additional
3
O
8
and repaid
3
O
8.
December 31, 2025 we have
3
O
8
the following years:
2026
2027
2028
2029
2030
Thereafter
Total
lbs of U
3
O
8
15. Provisions
Reclamation
Waste disposal
Total
Beginning of year
$
$
$
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 )
(27,199 )
Provisions used during the period
(26,591 )
(992 )
(27,583 )
Accretion [note 19]
Effect of movements in exchange rates
(15,045 )
(15,045 )
End of period
$
$
$
Current
$
$
$
Non-current
$
$
$
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
$
). The expected timing of these outflows is based on life-of-mine plans with the
majority of expenditures expected to occur
. 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 $
$
) in the form of letters of credit to satisfy current regulatory requirements.
40
The reclamation provision relates to the following segments:
2025
2024
Uranium
$
$
Fuel services
Total
$
$
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 $
).
The majority of these expenditures are expected to occur within the next
.
16. Share capital
Authorized share capital:
- Unlimited number of first preferred shares
- Unlimited number of second preferred shares
- Unlimited number of voting common shares,
- One Class B share
A. Common Shares
Number issued
2025
2024
Beginning of year
Issued:
Stock option plan [note 23]
End of year
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
B. Class B share
One Class B share issued during 1988 and assigned $
.
41
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 $
).
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
$
$
$
$
Europe
Asia
$
$
$
$
Contract type
Fixed-price
$
$
$
$
Market-related
$
$
$
$
For the year ended December 31, 2024
Uranium
Fuel services
Other
Total
Customer geographical region
Americas
$
$
$
$
Europe
Asia
$
$
$
$
Contract type
Fixed-price
$
$
$
$
Market-related
$
$
$
$
42
Deferred sales
The following table provides information about contract liabilities (note 14) from contracts with customers:
2025
2024
Beginning of year
$
$
Additions
Recognized in revenue
(169,640 )
(98,532 )
Effect of movements in exchange rates
(9 )
End of year
$
$
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 $
) 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.
by segment, related to only fixed-price contracts with remaining future deliveries as follows:
2026
2027
2028
2029
2030
Thereafter
Total
Uranium
$
$
$
$
$
$
$
Fuel services
Total
$
$
$
$
$
$
$
The sales contracts are denominated largely in US dollars and converted from US dollars to Canadian dollars at the rate of
$
.
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.
43
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
$
$
Statutory and company benefits
Expenses related to defined benefit plans [note 24]
Expenses related to defined contribution plans [note 24]
Equity-settled share-based compensation [note 23]
Cash-settled share-based compensation [note 23]
Total
$
$
19. Finance costs
2025
2024
Interest on long-term debt
$
$
Accretion [note 15]
Other charges
Total
$
$
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 )
$
$
Provision for reclamation
(4,247 )
(11,237 )
Inventories
(976 )
(4,979 )
Foreign exploration and development
(267 )
(398 )
Income tax losses (gains)
(8,108 )
Defined benefit plan actuarial losses
Long-term investments and other
(25,193 )
Deferred tax assets
(176,962 )
(51,296 )
Liabilities
Property, plant and equipment
Inventories
Deferred tax liabilities
Net deferred tax asset (liability)
$
(176,962 )
$
(51,296 )
$
$
44
Deferred tax allocated as
2025
2024
Deferred tax assets
$
$
Deferred tax liabilities
Net deferred tax asset
$
$
Cameco has recorded a deferred tax asset of $
). 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
$
$
Expense for the year in net earnings
(176,962 )
(51,296 )
Recovery for the year in other comprehensive income
Effect of movements in exchange rates
(143 )
End of year
$
$
C. Significant components of unrecognized deferred tax assets
2025
2024
Income tax losses
$
$
Property, plant and equipment
Provision for reclamation
Long-term investments and other
Total
$
$
45
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
$
$
Combined federal and provincial tax rate
Computed income tax expense
Increase (decrease) in taxes resulting from:
Difference between Canadian rates and rates
applicable to subsidiaries in other countries
(4,482 )
Change in unrecognized deferred tax assets
(5,893 )
Non-taxable portion of capital loss
Income in equity-accounted investees
(50,577 )
(60,343 )
Other taxes
Foreign exchange permanent differences
(14,939 )
Other permanent differences
(4,203 )
(2,570 )
Income tax expense
$
$
E. Earnings and income taxes by jurisdiction
2025
2024
Earnings (loss) before income taxes
Canada
$
$
Foreign
(6,582 )
(144,364 )
$
$
Current income taxes
Canada
$
$
Foreign
$
$
Deferred income taxes (recovery)
Canada
$
$
Foreign
(3,843 )
$
$
Income tax expense
$
$
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
$
) has been recorded relating to the profits earned in Switzerland.
46
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 $
) are available to reduce
taxable income. These losses expire as follows:
Date of expiry
Canada
US
Other
Total
2026
$
$
$
$
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
No expiry
$
$
$
$
Included in the table above is $
) of temporary differences related to loss carry forwards
where no future benefit has been recognized.
47
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
).
2025
2024
Basic earnings per share computation
Net earnings attributable to equity holders
$
$
Weighted average common shares outstanding
Basic earnings per common share
$
$
Diluted earnings per share computation
Net earnings attributable to equity holders
$
$
Weighted average common shares outstanding
Dilutive effect of stock options
Weighted average common shares outstanding, assuming dilution
Diluted earnings per common share
$
$
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 )
$
Inventories
(115,679 )
Supplies and prepaid expenses
(24,099 )
Accounts payable and accrued liabilities
Reclamation payments
(27,583 )
(34,746 )
Other
(929 )
(5,913 )
Total
$
$
(52,225 )
48
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
$
$
$
$
$
$
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
Term loan repayment
(285,240 )
(285,240 )
Total cash changes
(285,240 )
(52,130 )
(3,245 )
(104,480 )
(442,925 )
Non-cash changes:
Amortization of issue costs
Dividends declared
Interest expense
Right-of-use asset additions
Other
Shares issued, stock option plan
Foreign exchange
(2,423 )
(9 )
(1 )
(2,433 )
Total non-cash changes
Balance at December 31, 2025
$
$
$
$
$
$
49
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
$
$
$
$
$
$
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
Debenture issuance
Debenture repayment
(500,000 )
(500,000 )
Term loan repayment
(541,590 )
(541,590 )
Total cash changes
(544,568 )
(88,333 )
(2,536 )
(69,641 )
(688,422 )
Non-cash changes:
Amortization of issue costs
Dividends declared
Interest expense
Right-of-use asset additions
Other
(27 )
(27 )
Shares issued, stock option plan
Foreign exchange
Total non-cash changes
Balance at December 31, 2024
$
$
$
$
$
$
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
, and expire
The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed
50
Stock option transactions for the respective years were as follows:
(Number of options)
2025
2024
Beginning of year
Granted
Exercised [note 16]
(145,895 )
(1,136,331 )
End of year
Exercisable
Weighted average share prices were as follows:
2025
2024
Beginning of year
$15.05
$14.73
Granted
Exercised
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 $
).
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
$15.27
The foregoing options have an expiry date of February 28, 2027.
51
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
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
. 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
).
Performance share unit activity for the period was as follows:
2025
2024
Beginning of year
Granted
Settled
(236,434 )
(368,636 )
Forfeited
(4,930 )
Dividends reinvested
End of year
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.
one
to , 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
).
Restricted share unit activity for the period was as follows:
2025
2024
Beginning of year
Granted
Settled
(293,551 )
(380,273 )
Forfeited
(11,826 )
(24,148 )
Dividends reinvested
End of year
52
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
. As of
December 31, 2025, the number of options held by participating employees was
) with an exercise price
of $
) and a weighted average exercise price of $
).
Phantom stock option unit activity for the period was as follows:
2025
2024
Beginning of year
Granted
Exercised
(22,861 )
(10,190 )
Forfeited
End of year
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.
one
to , 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
).
Phantom restricted share unit activity for the period was as follows:
2025
2024
Beginning of year
Granted
Settled
(10,704 )
(11,587 )
Forfeited
Dividends reinvested
End of year
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.
December 31, 2025, there were
). The total number of shares purchased in 2025
with Company contributions was
). In 2025, the Company’s contributions totaled $
$
).
53
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.
. 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.
. 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
).
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
$
$
Restricted share unit plan
Total
$
$
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
Average strike price
$63.70
Expected forfeitures
Weighted average grant date fair values
$63.70
54
Cash-settled plans
Cameco has recognized the following expenses under its cash-settled plans:
2025
2024
Performance share unit plan
$
$
Restricted share unit plan
Deferred share unit plan
Phantom stock option plan
Phantom restricted share unit plan
Total
$
$
At December 31, 2025, a liability of $
) 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
Expected vesting
Expected life of option
years
years
years
Expected forfeitures
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
Expected vesting
Average strike price
$11.61
Expected dividend
$0.24
Expected volatility
Risk-free interest rate
Expected life of option
years
years
years
Expected forfeitures
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.
55
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 $
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.
56
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
$
$
$
$
Interest income on plan assets
Return on assets excluding interest income
Employer contributions
Benefits paid
(915 )
(911 )
Administrative costs paid
(3 )
(3 )
Fair value of plan assets, end of year
$
$
$
$
Defined benefit obligation, beginning of year
$
$
$
$
Current service cost
Interest cost
Actuarial loss (gain) arising from:
(2,749 )
(909 )
(517 )
(303 )
Past service cost
Benefits paid
(1,810 )
(10,972 )
(1,397 )
(1,837 )
Foreign exchange
Defined benefit obligation, end of year
$
$
$
$
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
U.S. equity securities
Global equity securities
Canadian fixed income
Other
(b)
Total
(a) The defined benefit plan assets contain
respectively.
(b) Relates mainly to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is
approximately
.
57
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
$
$
$
$
Net interest cost
Past service cost
Administration cost
Defined benefit expense [note 18]
Defined contribution pension expense [note 18]
Net pension and other benefit expense
$
$
$
$
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)
$
$
$
(820 )
$
Return on plan assets excluding
interest income
(33 )
(95 )
$
$
$
(820 )
$
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
Discount rate - expense
Rate of compensation increase
-
-
Health care cost trend rate
-
-
Dental care cost trend rate
-
-
At December 31, 2025, the weighted average duration of the defined benefit obligation for the pension plans was
(2024 -
A
% 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 )
$
$
(2,432 )
$
Rate of compensation increase
(2,328 )
n/a
n/a
A
% 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.
58
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 $
.
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.
59
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
% weakening of the Canadian dollar:
Carrying value
Currency
(Cdn)
Gain (loss)
Cash and cash equivalents
USD
$
$
Accounts receivable
USD
Accounts payable and accrued liabilities
USD
(501,457 )
(25,073 )
Net foreign currency derivatives
USD
(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
% (2024 -
%).
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 $
Under the terms of the swap, Cameco makes interest payments based on
plus an average margin of
% and receives fixed interest payments of
%. At December 31, 2025, the fair value of
Cameco’s interest rate swap net liability was $
).
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
% increase in interest rate on its interest rate contracts to be a loss of $
.
60
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
$
$
Short-term investments
Accounts receivable [note 6]
Derivative assets [note 10]
Cash and cash equivalents
Cameco held cash and cash equivalents of $
). 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 $
). 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.
61
A summary of the Company’s exposure to credit risk for trade receivables is as follows:
Carrying
value
Investment grade credit rating
$
Non-investment grade credit rating
Total gross carrying amount
$
Loss allowance
Net
$
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.
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)
$
$
1-30 days past due
More than 30 days past due
Total
$
$
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.
62
The table below outlines the Company’s available debt facilities at December 31, 2025:
Outstanding and
Total amount
Unsecured revolving credit facility [note 13]
$
$
$
Letter of credit facilities [note 13]
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:
Due in
Carrying
Contractual
Due in 1-3
Due in 3-5
Due after 5
Accounts payable and accrued liabilities
$
$
$
$
$
$
Long-term debt
Foreign currency contracts
Interest rate contracts
Lease obligation [note 14]
Total contractual repayments
$
$
$
$
$
$
Due in
Due in 1-3
Due in 3-5
Due after 5
Total
Total interest payments on long-term debt
$
$
$
$
$
63
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
$
$
$
Short-term investments
Accounts receivable [note 6]
Derivative assets [note 10]
Foreign currency contracts
$
$
$
Financial liabilities
Accounts payable and accrued liabilities [note 12]
$
$
$
Lease obligation [note 14]
Derivative liabilities [note 14]
Foreign currency contracts
Interest rate contracts
Long-term debt [note 13]
Net
$
$
(307,861
$
(305,616 )
64
At December 31, 2024
FVTPL
Amortized
cost
Total
Financial assets
Cash and cash equivalents
$
$
$
Accounts receivable [note 6]
Derivative assets [note 10]
Foreign currency contracts
$
$
$
Financial liabilities
Accounts payable and accrued liabilities [note 12]
$
$
$
Current portion of long-term debt [note 13]
Lease obligation [note 14]
Derivative liabilities [note 14]
Foreign currency contracts
Interest rate contracts
Long-term debt [note 13]
Net
$
(143,506 )
$
(962,902
$
(1,106,408 )
Cameco has pledged $
as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of
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
$
$
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 )
65
As at December 31, 2024
Carrying value
Fair value
Derivative assets [note 10]
Foreign currency contracts
$
$
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
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
% to
% (2024 -
% to
%). 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
% to
%. 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.
66
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
$
$
(140,334 )
Interest rate contracts
(1,677 )
(3,172 )
Net
$
$
(143,506 )
Classification:
Current portion of long-term receivables, investments and other [note 10]
$
$
Long-term receivables, investments and other [note 10]
Current portion of other liabilities [note 14]
(12,345 )
(83,890 )
Other liabilities [note 14]
(6,576 )
(59,719 )
Net
$
$
(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
$
$
(182,988 )
Interest rate contracts
(115 )
Net
$
$
(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.
67
The capital structure at December 31 was as follows:
2025
2024
Current portion of long-term debt [note 13]
$
$
Long-term debt [note 13]
Cash and cash equivalents
(1,114,860 )
(600,462 )
Short-term investments
(99,603 )
Net debt
(218,115 )
Non-controlling interest
Shareholders' equity
Total equity
Total capital
$
$
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
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 $
maintenance costs during the year (2024 - $
).
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.
68
For the year ended December 31, 2025
Uranium
Fuel
services
WEC
Adjustments
Other
Total
Revenue
$
$
$
$
(3,457,633 )
$
$
Expenses
Cost of products and services sold
(2,274,065 )
Depreciation and amortization
(383,235 )
Cost of sales
(2,657,300 )
Gross profit (loss)
(800,333 )
(6,643 )
Administration
(416,007 )
Exploration
Research and development
Other operating income
(22,221 )
(6,112 )
(28,333 )
Loss on disposal of assets
Finance costs
(213,051 )
Gains on derivatives
(95,017 )
(95,017 )
Finance income
(2,522 )
(23,172 )
(23,172 )
Share of earnings from
(158,862 )
(57,524 )
(216,386 )
Foreign exchange losses
Other expense (income)
(120,036 )
(1,459 )
(1,459 )
Earnings (loss) before income taxes
(413,627 )
Income tax expense
Net earnings
Capital expenditures for the year
$
$
$
$
(205,535 )
$
$
69
For the year ended December 31, 2024
Uranium
Fuel
services
WEC
Adjustments
Other
Total
Revenue
$
$
$
$
(2,892,467 )
$
$
Expenses
Cost of products and services sold
(2,075,189 )
(707 )
Depreciation and amortization
(356,864 )
Cost of sales
(2,432,053 )
Gross profit (loss)
(460,414 )
(4,033 )
Administration
(402,448 )
Exploration
Research and development
Other operating income
(35,090 )
(2,593 )
(37,683 )
(Gain) loss on disposal of assets
(2 )
Finance costs
(225,188 )
Losses on derivatives
Finance income
(4,381 )
(21,228 )
(21,228 )
Share of loss (earnings) from
(207,583 )
Foreign exchange gains
(65,517 )
(65,517 )
Other expense (income)
(116,697 )
(975 )
(975 )
Earnings (loss) before income taxes
(279,538 )
(536,275 )
Income tax expense
Net earnings
Capital expenditures for the year
$
$
$
$
(176,229 )
$
$
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
$
$
United States
Switzerland
$
$
70
The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as
follows:
2025
2024
Canada
$
$
United States
Australia
Kazakhstan
Other
$
$
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 $
), approximately
% (2024 -
%) of Cameco’s total
revenues from these segments.
28. Group entities
The following are the principal subsidiaries, associate and joint venture of the Company:
Principal place
of business
2025
2024
Subsidiaries:
Cameco Fuel Manufacturing Inc.
Cameco Marketing Inc.
Cameco Inc.
Power Resources, Inc.
Crow Butte Resources, Inc.
Cameco U.S. Holdings, Inc.
Cameco Australia Pty. Ltd.
Cameco Europe Ltd.
Associate:
JV Inkai
Joint Venture:
Watt New Aggregator L.P. (Westinghouse)
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.
71
Cameco reflects its proportionate interest in these assets and liabilities as follows:
Principal place
of business
Ownership
2025
2024
Total assets
McArthur River
$
$
Key Lake
Cigar Lake
$
$
Total liabilities
McArthur River
$
$
Key Lake
Cigar Lake
$
$
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
$
$
Share-based compensation
(a)
Post-employment benefits
Termination benefits
Total
$
$
(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.
72
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 $
). The transactions were conducted in the normal course of business and were
accounted for at the exchange amount. Accounts payable includes a balance of $
$
).
B. Other related party transactions
Transaction value
Balance outstanding
year ended
as at
2025
2024
2025
2024
Joint venture
Sales revenue
(a)
$
$
$
$
Fuel storage and handling
(a)
Deferred sales
(a)
Dividends received
(a)
Associate
Product purchases
(b)
Dividends received
(b)
(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$
.
(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.