Cameco Uranium Portfolio

Consolidated uranium segment rollup. 2025 production of 21.0 Mlb (our share), above revised guidance of up to 20 Mlb; 2024: 23.4 Mlb. Purchases of 9.6 Mlb (incl. JV Inkai), deliveries of 33.0 Mlb, year-end inventory 9.7 Mlb. 2026 plan: 19.5-21.5 Mlb (our share); committed 2026 sales of 29-32 Mlb. Long-term commitments ~230 Mlb (avg ~28 Mlb/yr over next five years). Tier-two assets (Rabbit Lake, US ISR) remain in care and maintenance ($62-67M expected 2026 C&M costs). Reserve estimates use ~US$63/lb U3O8 constant-dollar average price (USD/CAD 1.28; USD/KZT 550).