Cameco Corp.

Cameco Corp. is a senior uranium producer headquartered in Saskatoon, Canada, operating primarily in Canada and Australia. The company's portfolio consists of 9 projects, comprising 3 operating mines, 3 development, and 3 suspended projects, in addition to several early-stage exploration prospects. Key assets include Cigar Lake, Inkai JV, and Mcarthur River / Key Lake. The organization's business model is centered on integrated participation across the full nuclear fuel cycle, from exploration and mining to fuel fabrication and reactor services. The company employs diverse extraction methods, including open-pit, underground, and in-situ recovery (ISR), tailored to specific geological characteristics. Advanced techniques such as ground freezing and proprietary jet boring systems are utilized to manage challenging mining conditions. Downstream processing capabilities include refining concentrates and converting material for both light-water and heavy-water reactors, positioning the entity as a comprehensive fuel supplier. The operational structure includes both directly operated assets and non-operated interests, providing a degree of portfolio diversification. A key component of its market presence is a strategic partnership with a leading reactor technology original equipment manufacturer, which expands its participation throughout the nuclear value chain and provides a platform for growth in reactor services and new build opportunities.

The company's strategy is designed to capture full-cycle value by aligning production decisions with a disciplined, long-term contracting framework. This framework emphasizes building a balanced portfolio of market-related and base-escalated contracts to optimize realized prices while protecting against market volatility. Production from tier-one assets is matched to customer commitments and market opportunities, deliberately avoiding sales into an oversupplied spot market. A multidisciplinary capital allocation committee governs investment decisions, prioritizing opportunities that drive cost reduction, enable digital technology, enhance operational flexibility, improve safety, and reduce emissions. The organization also explores emerging opportunities within the nuclear value chain, including small modular reactors and advanced enrichment technologies, to support long-term growth. A core component of its financial strategy is a commitment to returning value to shareholders, supported by a dividend growth plan that aims to double the 2023 dividend by 2026.

Governance is overseen by a board of directors that provides strategic direction and risk oversight. The board's structure includes an audit and finance committee composed of non-employee directors and a dedicated Safety, Health and Environment (SHE) committee responsible for sustainability matters. A multi-disciplinary sustainability steering committee, chaired by a senior corporate officer, reviews sustainability governance and reporting to align with evolving standards. The enterprise's formal Risk Management Program, based on ISO 31000 guidelines, ensures that significant risks are systematically identified, assessed, and monitored, with quarterly reports provided to senior management and the board. Executive compensation is directly linked to corporate performance against specific, measurable targets across four pillars: financial performance, workplace safety, environmental stewardship, and community support. This structure ensures that leadership accountability is tied to both financial results and key sustainability objectives.

The organization's sustainability approach is guided by a formal Low Carbon Transition Plan, which includes a commitment to reduce combined Scope 1 and 2 GHG emissions by 30% by 2030 from a 2015 baseline. To manage climate-related risks, the company has completed physical climate risk assessments and scenario analyses for its operations. An integrated Safety, Health, Environment and Quality Management System is maintained, with environmental components certified to ISO 14001 and health and safety components aligned with ISO 45001. Community and Indigenous relations are managed through a five-pillar approach focused on workforce development, business development, community investment, environmental stewardship, and engagement. Formal agreements are in place with local communities to define focus areas and optimize benefits. The company's public sustainability reporting aims for alignment with SASB and TCFD frameworks and monitors the development of IFRS S1 and S2 standards.

In November 2023, the company acquired a 49% interest in Westinghouse Electric Company in a strategic partnership with Brookfield Renewable Partners, which holds the remaining 51%. This investment expands the organization's participation in the nuclear fuel value chain, as Westinghouse is a global provider of mission-critical technologies, products, and services for light-water reactors. The corporate structure also includes a 40% interest in JV Inkai, a joint arrangement with Kazatomprom, which operates a significant production asset. Another key investment is a 49% interest in Global Laser Enrichment LLC, where the company serves as the commercial lead for a project focused on a third-generation enrichment technology, in partnership with Silex Systems Ltd. In 2022, the enterprise increased its ownership stake in a mining joint venture by acquiring the 7.875% participating interest held by Idemitsu Canada Resources Ltd. The group includes operationally significant subsidiaries such as Cameco Fuel Manufacturing Inc., which produces reactor components and fuel bundles.