Cameco (CCJ) 6-KCurrent report (foreign)

Exhibit 99.2

Management’s discussion and analysis

for the quarter ended June 30, 2024

This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our unaudited condensed consolidated interim financial statements and notes for the quarter ended June 30, 2024 (interim financial statements). The information is based on what we knew as of July 30, 2024, and updates our first quarter and annual MD&A included in our 2023 annual report.

As you review this MD&A, we encourage you to read our interim financial statements as well as our audited consolidated financial statements and notes for the year ended December 31, 2023, and annual MD&A. You can find more information about Cameco, including our audited consolidated financial statements and our most recent annual information form, on our website at cameco.com, on SEDAR+ at sedarplus.ca or on EDGAR at sec.gov. You should also read our annual information form before making an investment decision about our securities.

The financial information in this MD&A and in our financial statements and notes are prepared according to International Financial Reporting Standards (IFRS), unless otherwise indicated.

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.

Throughout this document, the terms we, us, our and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

Caution about forward-looking information

Our MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States (US) securities laws. We refer to them in this MD&A as forward-looking information.

Key things to understand about the forward-looking information in this MD&A:

Examples of forward-looking information in this MD&A

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Material Risks

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Material Assumptions

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Second quarter market update

Ongoing geopolitical events, energy security concerns, and the global focus on the climate crisis amid rising low-carbon energy demand have created what we believe are transformative tailwinds for the nuclear power industry, from both a demand and supply perspective. With many countries looking to reindustrialize and nationalize sourcing capabilities, at COP28 in 2023, global leaders, heads of state and industry leaders acknowledged that it is not possible to achieve net-zero carbon emissions (net-zero) without nuclear power and pledged to triple generating capacity by 2050. In addition, there is increasing demand for reliable, uninterrupted power supplies to underpin large, energy-intensive industries, with recognition from within those sectors that baseload nuclear power is on the critical path for achieving the anticipated transformations with secure and carbon-free sources. Alongside that recognition is an understanding that a sufficient supply of nuclear fuel and fuel cycle services are essential to realizing a tripling of nuclear power.

In the second quarter of 2024, the long-term uranium price increased to its highest level since 2012 (in 2024 constant dollars), while the uranium spot price fell slightly compared to the first quarter and remained range-bound between $80 (US) and $90 (US), much higher than the first half of 2023. Over the past two years, fuel buyers continued to secure their long-term requirements for conversion and enrichment services, and they have returned their focus to the procurement of the uranium required to feed into those services. The increased contracting has resulted in higher prices across the fuel cycle, an increasing volume of requests for proposals from utilities entering the market alongside inbound requests for direct off-market negotiations, and sustained volumes of long-term contracting reported.

Some of the more significant developments affecting supply in the quarter and to date include:

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According to the International Atomic Energy Agency (IAEA), globally, there are currently 441 operable reactors and 59 reactors under construction. Demand-related developments continue to evidence growing support for the nuclear industry, with over 30 countries pledging to triple nuclear power capacity by 2050. Nations are reaffirming their commitment to existing nuclear and/or reversing policies to phase out nuclear, non-nuclear countries are emerging as candidates for new nuclear capacity, improvements are being made in global sustainable financing policies to include nuclear energy, and opinion polls indicate improving public support. With several reactors being saved from early retirement, life-extensions to existing reactors being sought and approved, and new build construction projects underway and many more planned, demand for uranium fuel continues to improve in the near-, medium- and long-term.

The more significant developments in the quarter affecting current and future demand include:

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Caution about forward-looking information relating to the nuclear industry

This discussion of our expectations for the nuclear industry, including its growth profile, uranium supply and demand, and reactor growth is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2.

Industry prices at quarter end

On the spot market, where purchases call for delivery within one year, the volume reported by UxC for the second quarter of 2024 was nearly 13 million pounds U₃O₈equivalent, similar to the second quarter of 2023. Total spot purchases for the first six months of 2024 were 22 million pounds U₃O₈equivalent, compared to 29 million pounds U₃O₈equivalent over the same period in 2023. As of June 30, 2024, the average reported spot price was $84.25 (US) per pound U₃O₈equivalent, a decrease of $3.50 (US) per pound from the previous quarter due to very small volumes of uncommitted supply entering the near-term market.

Long-term contracts generally call for deliveries to begin more than two years after the contract is finalized, and use a number of pricing formulas, including base-escalated prices set at time of contracting and escalated over the term of the contract, and market-related prices, which reference spot and/or long-term indicators, and are generally set a month or more prior to delivery, typically including floor prices and ceiling prices that are also escalated to time of delivery. Long-term contracting reported by UxC for the first six months of 2024 totaled about 32 million pounds U₃O₈ equivalent, down from about 117 million pounds U₃O₈ equivalent reported over the same period in 2023. The contracting volume in the first half of 2023 was much higher due to significant non-US utilities diversifying away from Russian supply, including our contracts with Ukraine and Bulgaria, which alone, accounted for about 46 million pounds U₃O₈. The modest level reported to date in 2024 can be attributed in part to US utilities awaiting clarity on the impact of Russian sanctions, the Russian uranium import ban, and clarity around the US waiver process, although requests for proposals from utilities are continuing alongside requests for direct off-market negotiations.

The average reported long-term price at the end of the quarter was $79.50 (US) per pound U₃O₈ equivalent, an increase of $2.00 (US) per pound from the previous quarter, and the highest reported long-term price since 2012 (in 2024 constant dollars).

With increased demand for western conversion services, pricing in both North America and Europe continues to be strong. At the end of the second quarter, the average reported spot price for conversion reached a record high of $60.00 (US) per kilogram uranium (kgU) as UF₆, up $2.00 (US) from the previous quarter. Long-term UF₆ conversion prices for North America and Europe finished the quarter at $38.00 (US) per kgU, up $2.50 (US) from the previous quarter.

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Our strategy

We are a pure-play investment in the growing demand for nuclear energy, focused on taking advantage of the near-, medium- and long-term growth occurring in our industry. We provide nuclear fuel and nuclear power products, services and technologies across the fuel cycle, augmented by our investment in Westinghouse, that supports the generation of carbon-free, reliable, secure and affordable energy. Our strategy is set within the context of what we believe is a transitioning market environment. Increasing populations, a growing focus on electrification and decarbonization, and concerns about energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050, which is expected to durably strengthen long-term fundamentals for our industry. Nuclear energy must be a central part of the solution to the world’s shift to a low-carbon, climate resilient economy. It is an option that can provide the necessary power in a reliable, safe, and affordable manner, and in a way that is expected to help avoid some of the worst consequences of climate change.

Our strategy is to capture full-cycle value by:

We expect our strategy will allow us to increase long-term value, and we will execute it with an emphasis on safety, people and the environment.

Our vision – “Energizing a clean-air world” – recognizes that we have an important role to play in enabling the vast reductions in global greenhouse gas (GHG) emissions required to achieve a resilient net-zero carbon economy. We support climate action that is consistent with the ambitions of the Paris Agreement and the Canadian government’s commitment to the agreement, which seeks to limit global temperature rise to less than 2° Celsius, a target that climate scientists believe will require the world to reach net-zero by 2050 or sooner. Our uranium and fuel services are used around the world in the generation of safe, reliable, zero-carbon, base-load nuclear power.

We believe we have the right strategy to achieve our vision and we will do so in a manner that reflects our values. For over 35 years, we have been operating and delivering our products responsibly. Building on that strong foundation, we have set a target to reduce our combined Scope 1 and Scope 2 GHG emissions by 30% by 2030, from our 2015 baseline, as our first major milestone in our ambition of being net-zero. In 2023, we targeted to refine the calculations to quantify our Scope 3 emissions to further understand our value chain GHG emissions. We successfully met this target, and for the first time, in our 2023 Sustainability Report, we have disclosed our estimated Scope 3 emissions value and quantification method. We remain committed to our efforts to transform our own, already low, greenhouse gas footprint, and we continue to identify and address the risks and opportunities that we believe may have a significant impact on our ability to operate sustainably and add long-term value for our stakeholders.

You can read more about our strategy in our 2023 annual MD&A and our approach to sustainability in our 2023 Sustainability Report.

Strategy in action

With the ongoing transition and improvements in the nuclear fuel market, our three-pillar strategy is guiding our disciplined contracting, supply and financial decisions.

In the second quarter, results were as expected with net earnings of $36 million, adjusted net earnings of $62 million, and adjusted EBITDA of $337 million. Both net earnings and adjusted EBITDA were up by over 100% compared to the same period in 2023 largely due to strong performance in our core uranium segment, with higher sales volumes, which was in line with the delivery pattern and outlook disclosed in our annual MD&A, which has not changed, and an increase of 15% in the

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Canadian dollar average realized price. During the first half of the year, net earnings of $29 million were lower, while adjusted net earnings of $118 million, and adjusted EBITDA of $681 million were each higher than in 2023 and in line with our 2024 outlook, which has not changed. See Financial results by segment – Uranium on page 23 for more information.

The outlook for Westinghouse is unchanged, and we believe, on track. As indicated in our 2023 annual MD&A and reiterated in our 2024 first quarter MD&A, Westinghouse is expected to generate a net loss of between $170 million and $230 million in 2024 due to the impact of the purchase accounting, which requires the revaluation of Westinghouse’s inventory and other assets at the time of acquisition, and the expensing of certain non-operating acquisition-related transition costs. As expected, results for the second quarter improved over the first quarter with a net loss of $47 million, bringing the year-to-date net loss to $170 million for the first six months. Due to normal variability in the timing of its customer requirements, and delivery and outage schedules, we expect to see stronger performance from the Westinghouse segment in the second half of the year, with higher expected cash flows in the fourth quarter. We do not believe the impact of the revaluation of Westinghouse’s inventory and assets, or the non-operating acquisition-related transition costs reflect its underlying performance for the reporting period, therefore, we use adjusted EBITDA as a performance measure for Westinghouse, which was $121 million for the second quarter and $197 million for the first six months. We continue to expect adjusted EBITDA of between $445 million and $510 million for the year in the Westinghouse segment. See Our outlook for 2024 starting on page 16 and Our earnings from Westinghouse, starting on page 26 for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see the information starting on page 29.

We continue to responsibly manage our supply in accordance with our customers’ needs. As a proven and reliable commercial supplier with assets in geopolitically stable jurisdictions across all segments of the nuclear fuel cycle, we are being selective in committing our unencumbered, in-ground uranium inventory and UF₆ conversion capacity under long term contracts. To support the long-term operation of our productive capacity, our contracting is focused on maintaining exposure to future improvements in the market while retaining downside protection. In our uranium segment, over the next five years, we have contracts in place for average annual deliveries of 29 million pounds of U₃O₈ per year, with commitments higher than the average in 2024 and 2025, and lower than the average in 2026 through 2028. We also have contracts in both our uranium and fuel services segments that have deliveries spanning more than a decade. In our uranium segment, many of those contracts incorporate market-related pricing mechanisms that are expected to benefit from the improving market conditions.

To advance our strategy in step with the positive market momentum and long-term contracts we have put in place, we remain on track to produce 36 million pounds (22.4 million pounds our share) of uranium in 2024. At Joint Venture Inkai (JV Inkai), the tentative production target for 2024 continues to be 8.3 million pounds (100% basis), remaining 20% below the operation’s subsoil use agreement level, and is contingent upon receipt of sufficient volumes of sulfuric acid. Our allocation of the planned production from JV Inkai remains under discussion. At Port Hope, we now expect annual UF₆ production of 11,000 to 11,500 tonnes in 2024 (previously 12,000 tonnes), due to a temporary operational issue that was resolved. We are continuing work to achieve an ongoing production rate that will supply 12,000 tonnes per year, in order to satisfy our book of long-term commitments and demand for conversion services. Our annual 2024 production expectation for fuel services, which includes UF₆conversion, UO₂, and heavy water reactor fuel bundles, remains between 13.5 million and 14.5 million kgU of combined fuel services products.

With our operationally flexible and disciplined approach to supply, we continue to meet our sales commitments through a combination of production, inventory, product loans and purchases. In the second quarter, we produced 7.1 million pounds of uranium (our share), and we purchased 1.7 million pounds (purchased at an average unit cost of $109.11 per pound ($80.27 (US) per pound)). See Financial results by segment – Uranium starting on page 23 for more information. Our purchases to date in 2024 include our remaining share of JV Inkai’s 2023 production, which was delivered to our Blind River refinery in February with a cost per pound of $129.96 ($96.88 (US)). The cash dividend associated with the sale of pounds from Inkai in 2024 is expected to be received in 2025, once declared and paid by JV Inkai. See Revenue, adjusted net earnings, and cash flow sensitivity analysis in the Outlook for 2024 section starting on page 16. After delivering 6.2 million pounds in the second quarter, our uranium inventory was 13.4 million pounds on June 30, 2024, with an average inventory cost of $46.49 per pound.

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We expect to maintain the financial strength and flexibility necessary to execute our strategy by planning production in coordination with contracting success and market opportunities. As previously disclosed, work is underway to extend the mine life at Cigar Lake to 2036 and, in-line with our supply discipline and future sourcing requirements of our contract portfolio, we continue to evaluate the required work and investment necessary to advance to a future decision for increasing production at McArthur River/Key Lake from 18 million pounds (100% basis) to its licensed annual capacity of 25 million pounds (100% basis).

Thanks to our risk-managed financial discipline, our balance sheet remains strong. Consistent with the conservative financial management we have demonstrated and our 2024 capital allocation priorities, in May 2024, we refinanced $500 million through a senior unsecured debenture issuance and used the proceeds to retire the $500 million senior unsecured debentures that were due June 24, 2024. As of June 30, 2024, after the refinance and a second quarter repayment of another $100 million (US) on the floating-rate term loan used to finance the Westinghouse acquisition, we had $362 million in cash and cash equivalents, and $1.4 billion in total debt and a $1.0 billion undrawn credit facility.

We plan to continue to prioritize repayment of the remaining $300 million (US) outstanding floating-rate term loan debt that is due in November 2025. We will continue to navigate by our investment-grade rating through close management of our balance sheet metrics, maintaining sufficient liquidity and cash to pursue value-adding opportunities while self-managing risk, including from global macro-economic and geopolitical uncertainty and volatility.

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Financial results

This section of our MD&A discusses our performance, financial condition and outlook for the future.

In the fourth quarter of 2023, we announced the closing of the acquisition of a 49% interest in Westinghouse. Effective November 7, 2023, we began equity accounting for this investment. Our share of Westinghouse’s earnings has been reflected in our financial results from that date.

Consolidated financial results

Quarterly trends

Key things to note:

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The following table compares the net earnings and adjusted net earnings for the second quarter to the previous seven quarters.

Corporate expenses

ADMINISTRATION

Direct administration costs were $6 million higher for the second quarter of 2024 compared to the same period last year, and $12 million higher for the first six months mainly due to the impacts of inflation and higher payments under Collaboration Agreements tied to production volumes. Stock-based compensation in the first six months of 2024 was $7 million lower than 2023 due to both the grant and vesting of a lower number of share-based awards compared to the same period last year. See note 18 to the financial statements.

EXPLORATION AND RESEARCH & DEVELOPMENT

In the second quarter, uranium exploration expenses were $3 million, a decrease of $1 million from the second quarter of 2023. Exploration expenses for the first six months of the year were unchanged compared to 2023, at $10 million.

We also had research and development expenditures in the second quarter of $8 million, an increase of $3 million from the second quarter of 2023. Research and development expenses for the first six months of the year increased by $8 million compared to 2023, to $17 million. These expenses are related to our investment in Global Laser Enrichment, LLC.

INCOME TAXES

We recorded an income tax expense of $18 million in the second quarter of 2024, compared to an expense of $23 million in the second quarter of 2023.

In the first six months of 2024, we recorded an expense of $49 million compared to an expense of $59 million in 2023.

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TRANSFER PRICING DISPUTE

Background

Since 2008, Canada Revenue Agency (CRA) has disputed our marketing and trading structure and the related transfer pricing methodology we used for certain intercompany uranium sale and purchase agreements.

For the years 2003 to 2014, CRA shifted Cameco Europe Limited’s income (as recalculated by CRA) back to Canada and applied statutory tax rates, interest and instalment penalties, and, from 2007 to 2011, transfer pricing penalties. In addition, for 2014 to 2017, CRA has advanced an alternate reassessing position. See Reassessments, remittances and next steps below for more information.

In September 2018, the Tax Court of Canada (Tax Court) ruled that our 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 (2003, 2005 and 2006). On June 26, 2020, the Federal Court of Appeal (Court of Appeal) upheld the Tax Court’s decision.

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed CRA’s application for leave to appeal the June 26, 2020 decision of the Court of Appeal. The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in our favour. Although not technically binding, there is nothing in the reasoning of the lower court decisions that should result in a different outcome for the 2007 through 2014 tax years, which were reassessed on the same basis.

Refund and cost award

The Minister of National Revenue issued new reassessments for the 2003 through 2006 tax years in accordance with the decision and, in July 2021, refunded the tax paid for those years. In October 2023, pursuant to a cost award from the courts, we received a payment of approximately $12 million for disbursements, which is in addition to the $10 million we received from CRA in April 2021 as reimbursement for legal fees.

Reassessments, remittances and next steps

The Canadian income tax rules include provisions that generally require larger companies like us to remit or otherwise secure 50% of the cash tax plus related interest and penalties at the time of reassessment. Following the Supreme Court’s dismissal of CRA’s application for leave to appeal, we wrote to CRA requesting reversal of CRA’s transfer pricing adjustments for 2007 through 2013 and the return of the $780 million in cash and letters of credit we had paid or provided for those years. Given the strength of the court decisions received, our request was made on the basis that the Tax Court would reject any attempt by CRA to defend its reassessments for the 2007 through 2013 tax years applying the same or similar positions already denied for previous years.

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The series of court decisions that were completely and unequivocally in our favour for the 2003, 2005 and 2006 tax years determined that the income earned by our foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada. In accordance with these decisions, CRA issued reassessments reducing the proposed transfer pricing adjustment from $5.1 billion to $3.3 billion, resulting in a reduction of $1.8 billion in income taxable in Canada compared to the previous reassessments issued to us by CRA for the 2007 through 2013 tax years. In March 2023, CRA issued revised reassessments for the 2007 through 2013 tax years, which resulted in a refund of $297 million of the $780 million in cash and letters of credit held by the CRA at that time. The refund consisted of cash in the amount of $86 million and letters of credit in the amount of $211 million.

The remaining transfer pricing adjustment of $3.3 billion for the 2007 to 2013 tax years relates to the sale of Canadian-produced uranium by our foreign subsidiary. Cameco maintains that the clear and decisive court decisions described above apply, and that CRA should fully reverse the remaining transfer pricing adjustments for these years and return the cash and security being held.

In October 2021, due to a lack of significant progress on our points of contention, we filed a notice of appeal with the Tax Court for the years 2007 through 2013. We have asked the Tax Court to order the complete reversal of CRA’s transfer pricing adjustment for those years and the return of the remainder of our cash and letters of credit being held, with costs.

In 2020, CRA advanced an alternate reassessing position for the 2014 tax year in the event the basis for its original reassessment, noted above, is unsuccessful. Subsequent to this, we received reassessments for the 2015, 2016 and 2017 tax years, all reflecting this alternative reassessing position. CRA holds about $555 million as security (approximately $209 million in cash and $346 million in letters of credit) related to the 2007 through 2017 tax years.

The new basis of reassessment is inconsistent with the methodology CRA has pursued for prior years and we are disputing it separately. Our view is that this alternative methodology will not result in a materially different outcome from our 2014 to 2017 filing positions.

We will not be in a position to determine the definitive outcome of this dispute for any tax year other than 2003 through 2006 until such time as all reassessments have been issued advancing CRA’s arguments and final resolution is reached for that tax year. CRA may also advance alternative reassessment methodologies for years other than 2003 through 2006, such as the alternative reassessing position advanced for 2014 through 2017.

Caution about forward-looking information relating to our CRA tax dispute

This discussion of our expectations relating to our tax dispute with CRA and future tax reassessments by CRA is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2.

FOREIGN EXCHANGE

The exchange rate between the Canadian dollar and US dollar affects the financial results of our uranium and fuel services segments.

We sell the majority of our uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. While our product purchases are largely denominated in US dollars, our production costs are largely denominated in Canadian dollars. To provide cash flow predictability, we hedge a portion of our net US/Cdn exposure (e.g. total US dollar sales less US dollar expenditures and product purchases) to manage shorter term exchange rate volatility. Our results are therefore affected by the movements in the exchange rate on our hedge portfolio, and on the unhedged portion of our net exposure.

Impact of hedging on IFRS earnings

We do not use hedge accounting under IFRS and we are therefore required to report gains and losses on economic hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market).

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However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period.

Impact of hedging on ANE

We designate contracts for use in particular periods, based on our expected net exposure in that period. Hedge contracts are layered in over time based on this expected net exposure. The result is that our current hedge portfolio is made up of a number of contracts which are currently designated to net exposures we expect in 2024 and future years, and we will recognize the gains and losses in ANE in those periods.

For the purposes of ANE, gains and losses on derivatives are reported based on the difference between the effective hedge rate of the contracts designated for use in the particular period and the exchange rate at the time of settlement. This results in an adjustment to current period IFRS earnings to effectively remove reported gains and losses on derivatives that arise from contracts put in place for use in future periods. The effective hedge rate will lag the market in periods of rapid currency movement. See Non-IFRS measures on page 29.

For more information, see our 2023 annual MD&A.

At June 30, 2024:

For information on the impact of foreign exchange on our intercompany balances, see note 19 to the financial statements.

Outlook for 2024

Our outlook for 2024 reflects the continued transition of our cost structure back to a tier-one run rate, as we plan our production to satisfy the growing long-term commitments under our contract portfolio. With our plan to produce 18 million pounds (100% basis) at each of Cigar Lake and McArthur River/Key Lake, and to produce between 11,000 and 11,500 tonnes UF₆ (previously 12,000 tonnes UF₆) at our Port Hope conversion facility, we expect strong cash flow generation.

Our financial performance and the amount of cash generated will be dependent on sourcing the material required to meet our deliveries as planned, including achieving our production plans. Therefore, our cash balances may fluctuate throughout the year.

As in prior years, we will incur care and maintenance costs for the ongoing curtailment of our tier-two assets, which are expected to be between $50 million and $60 million.

The average unit cost of sales in our fuel services segment is now expected to be between $25.50 and $26.50 per kgU (previously $24.50 to $25.50 per kgU) due to the lower production expectations for UF₆ at our Port Hope conversion facility.

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2024 FINANCIAL OUTLOOK

We are not providing an outlook for the items in the table that are marked with a dash.

The following assumptions were used to prepare the outlook in the table above:

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For more information on how changes in the exchange rate or uranium prices can impact our outlook see Revenue, adjusted net earnings, and cash flow sensitivity analysis below, and Foreign exchange on page 15.

In 2024 we expect our share of adjusted EBITDA from our equity investment in Westinghouse to be between $445 million and $510 million. Over the next five years, we expect its adjusted EBITDA will grow at a compound annual growth rate of 6% to 10%.

Note: the ranges for 2024 outlook for EBITDA and adjusted EBITDA are not determined using the high and low estimates of the ranges provided for each of the detailed reconciling line items.

The outlook has been revised to reflect the expected additional impacts of purchase accounting on income tax recovery (previously $10 million to $30 million expense, respectively). The range for other expenses has also been increased slightly due to additional non-operating charges and integration and restructuring costs (previously $40 million to $50 million, respectively). The outlook for net income and adjusted EBITDA remains unchanged.

The outlook for adjusted EBITDA for 2024 and its growth rate over the next five years are based on the following assumptions:

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Caution about forward-looking information relating to our future earnings and adjusted EBITDA form Westinghouse

This discussion of our expectations for Westinghouse’s future earnings and adjusted EBITDA and our share thereof is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the headings Caution about forward-looking information beginning on page 2. Actual results and events may be significantly different from what we currently expect.

REVENUE, ADJUSTED NET EARNINGS, AND CASH FLOW SENSITIVITY ANALYSIS

We have sensitivity to the uranium price through both our sales and purchase commitments. However, at the current price levels many of the market-related sales contracts we have delivered into or are delivering into this year are subject to ceiling prices and therefore are generally less sensitive than our purchase commitments.

As a result, if the uranium spot price increased by $5 (US) per pound, we expect revenue would increase by $15 million, while ANE would increase by $1 million and cash flow would decrease by $21 million. From a cash flow perspective, the sensitivity does not adequately capture the impact of JV Inkai purchases, which straddle two fiscal reporting periods due to when dividends are declared and paid by JV Inkai. The cash flow sensitivity includes the cash outflow for the remaining 3.0 million pounds of uranium assumed to be purchased from JV Inkai in 2024 at a 5% discount to the spot price, but does not account for an associated increase in the cash dividend expected, which will be tied to our agreed to 2024 production purchase entitlement and is expected to be received in 2025. JV Inkai distributes excess cash as dividends to its owners, net of working capital requirements. In the case of a $5 (US) per pound increase in uranium prices, the JV Inkai purchases are responsible for about $19 million of the noted expected decrease in cash flow and we expect the impact of these purchases on the 2024 cash flow will be partially offset by dividends once declared and paid in 2025.

If the uranium spot price decreased by $5 (US) per pound, we expect revenue to decrease by $15 million, ANE to decrease by $1 million, and cash flow to increase by $21 million. From a cash flow perspective, the impact of the noted decrease in uranium price on the assumed purchase of uranium from JV Inkai is expected to have the opposite impact from that described above for the noted uranium price increase.

In the case of a $5 (US) increase or decrease in the uranium spot price, the sensitivity for ANE compared to the sensitivity for cash flow is less due to the impact on our net earnings from the inclusion of our share of earnings from our equity-accounted investment in JV Inkai in the reporting period, the rate of inventory turnover, and income taxes.

The following assumptions were used to prepare the revenue, ANE and cash flow sensitivity analysis above:

To the extent that our market purchases or Inkai purchases vary, the sensitivity of our ANE and cash flow to changes in the spot and long-term prices may be impacted. In the case of decreased market or Inkai purchases, our sensitivity would be reduced. In the case of increased market or Inkai purchases, our sensitivity would be greater.

A one cent increase or decrease in the value of the Canadian dollar compared to the US dollar would respectively increase or decrease expected revenue by $13 million, ANE by $6 million and cash flow by $4 million.

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PRICE SENSITIVITY ANALYSIS: URANIUM SEGMENT

As discussed under Long-term contracting on page 25 of our 2023 annual MD&A, our average realized price is based on pricing terms established in our portfolio of long-term contracts, which includes a mix of base-escalated and market-related contracts that are layered in over time. Each confidential contract is bilaterally negotiated with the customer, and delivery generally does not begin until two years or more after signing.

As a result of these contracting dynamics, changes to our average realized price will generally lag changes in market prices in both rising and falling price conditions. The magnitude and direction of the deviation can vary based on the degree of market price volatility between the time the contract price is set, and the time the product is delivered.

To help understand how the pricing under our current portfolio of commitments is expected to react at various spot prices at June 30, 2024, we have constructed the table that follows.

The table is based on the volumes and pricing terms under the long-term commitments in our contract portfolio that have been finalized as at June 30, 2024. The table does not include volumes and pricing terms in contracts under negotiation or those that have been accepted but are still subject to contract finalization. Based on the terms and volumes under contracts that have been finalized, the table is designed to indicate how our average realized price would react under various spot price assumptions at a point in time. In other words, the prices shown in the table would only be realized if the contract portfolio remained exactly as it was on June 30, 2024, using the following assumptions:

It is important to note that the table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table. We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

Expected realized uranium price sensitivity under various spot price assumptions at June 30, 2024

As of June 30, 2024, we had commitments requiring delivery of an average of about 29 million pounds per year (previously an average of about 28 million pounds per year) from 2024 through 2028, with commitment levels in 2024 and 2025 being higher than the average, and in 2026 through 2028, lower than the average. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms.

20 CAMECO CORPORATION

Liquidity and capital resources

Our financial objective is to ensure we have the cash and debt capacity to fund our operating activities, investments and other financial obligations in order to execute our strategy and to allow us to self-manage risk. We have a number of alternatives to fund future capital requirements, including using our operating cash flow, drawing on our existing credit facilities, entering new credit facilities, and raising additional capital through debt or equity financings. We are always considering our financing options and the tools we have available so we can take advantage of favourable market conditions when they arise. To help provide this flexibility, we plan to file a new base shelf prospectus when the current base shelf prospectus expires in October 2024. We may also consider other financial tools to provide added flexibility. In addition, with improving prices under our long-term contract portfolio, our plan to return to a tier-one cost structure in our uranium segment, and an expected increase in our UF₆ conversion production, we expect to see strong cash flow generation in 2024.

As of June 30, 2024, we had cash and cash equivalents of $362 million, while our total debt amounted to approximately $1.4 billion. We also have a $1.0 billion undrawn credit facility.

Our cash balances and investments are held in government securities or with banks that are party to our lending facilities. We have a risk management policy that we follow to manage our exposure to banking counterparties, which limits amount and tenor of cash or investments based on counterparty credit rating. Our investment decisions prioritize security and liquidity and consider concentration amongst our banking partners. The majority of our cash balances are with Schedule I Canadian banks.

We continue to navigate by our investment-grade rating, which has been affirmed by both S&P and DBRS following our acquisition of Westinghouse (S&P rating of BBB- and DBRS rating of BBB). On May 24, 2024, we issued debentures in the amount of $500 million, at an interest rate of 4.94% per annum, the Series I senior unsecured debentures mature on May 24, 2031. The proceeds from the issuance were used to retire our outstanding $500 million Series G debentures bearing interest of 4.19% at maturity on June 24. Additionally, during the quarter, we made a partial prepayment of $100 million (US) on our floating-rate term loan. We plan to continue to prioritize repayment of the remaining $300 million (US) outstanding in floating-rate term loan debt used to finance the acquisition of Westinghouse while balancing our liquidity and cash position.

We expect our cash balances and operating cash flows to meet our capital requirements during 2024. However, cash flow from operations for 2024 will be dependent on our ability to source the material required to meet our deliveries as planned, including achieving our production plans.

We have large, creditworthy customers that continue to need our nuclear fuel products and services even during weak economic conditions, and we expect the contract portfolio we have built will continue to provide a solid revenue stream. In our uranium segment, from 2024 through 2028, we have commitments to deliver an average of about 29 million pounds per year, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average.

With the Supreme Court’s dismissal of CRA’s application for leave, the dispute for the 2003 through 2006 tax years is fully and finally resolved in our favour. Furthermore, we are confident the courts would reject any attempt by CRA to utilize the same position and arguments for tax years 2007 through 2014, or its alternate reassessing position for tax years 2014 through 2017 and believe CRA should return the $555 million in cash and letters of credit we have been required to pay or otherwise secure. However, timing of any further payments is uncertain. See Transfer pricing dispute starting on page 14 for more information.

CASH FROM/USED IN OPERATIONS

Cash provided by operations was $173 million higher this quarter than in the second quarter of 2023 due to higher gross profits in the uranium segment, a higher dividend payment from JV Inkai in 2024 and a decrease in working capital requirements which required $78 million less in 2024 than in 2023. Cash from operations in the quarter compared to the prior year also reflects higher interest received in 2023 due to higher cash and investment balances being held in the second quarter of 2023 in anticipation of closing the Westinghouse acquisition. Additionally, in the second quarter of 2023 we received an $86 million cash refund from CRA.

Cash provided by operations was $21 million higher in the first six months of 2024 compared to the same period in 2023 due to the same factors that impacted the quarter except for working capital requirements, which required $23 million more in 2024 than in 2023. See note 17 of our interim financial statements for more information.

2024 SECOND QUARTER REPORT 21

FINANCING ACTIVITIES

We use debt to provide additional liquidity. We have sufficient borrowing capacity with unsecured lines of credit totalling about $2.7 billion at June 30, 2024, unchanged from March 31, 2024. At June 30, 2024, we had approximately $1.5 billion outstanding in financial assurances, down from $1.6 billion at March 31, 2024 due to some changes to short-term requirements during the quarter.

At June 30, 2024, we had no short-term debt outstanding on our $1.0 billion unsecured revolving credit facility, unchanged from December 31, 2023. Our revolving credit facility matures October 1, 2027.

Additionally, after making partial prepayments of $300 million (US) in 2024, $300 million (US) remains outstanding on the term loan debt incurred in connection with the execution of the Westinghouse acquisition agreement. The remaining principal of $300 million (US) matures in November 2025.

Long-term contractual obligations

On May 24, 2024, we issued debentures in the amount of $500 million, at an interest rate of 4.94% per annum, the Series I senior unsecured debentures mature on May 24, 2031. The proceeds from the issuance were used to retire our outstanding $500 million Series G debentures bearing interest of 4.19% at maturity on June 24. Additionally, since December 31, 2023, we have repaid the full $300 million (US) of term loan debt that was set to mature in November 2026. There have been no other material changes to our long-term contractual obligations. Please see our 2023 annual MD&A for more information.

Debt covenants

As at June 30, 2024, we complied with all covenants in our credit agreements, including the financial covenants. The financial covenants place restrictions on total debt, including guarantees and other financial assurances. We do not expect our operating and investment activities for the remainder of 2024 to be constrained by these covenants.

SHARES AND STOCK OPTIONS OUTSTANDING

At July 29, 2024, we had:

OFF-BALANCE SHEET ARRANGEMENTS

We had three kinds of off-balance sheet arrangements at June 30, 2024:

Purchase commitments

There have been no material changes to our purchase commitments since December 31, 2023. Please see our annual MD&A for more information.

Financial assurances

At June 30, 2024, our financial assurances totaled $1.5 billion, down from $1.6 billion at March 31, 2024, due to some changes of short-term requirements during this quarter.

Other arrangements

We have arranged for standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2.0 million kgU of UF₆ conversion services and 6.7 million pounds of U₃O₈ over the period 2020 to 2027 with repayment in kind up to December 31, 2027. Under the loan facilities, standby fees of up to 1.5% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 3.0%. At June 30, 2024, we have 1.8 million kgU of UF₆ conversion services and 2.8 million pounds of U₃O₈ drawn on the loans.

22 CAMECO CORPORATION

BALANCE SHEET

Total cash and cash equivalents at June 30, 2024, were $362 million, or 36% lower than at December 31, 2023, due mainly to $300 million (US) in pre-payments on the floating-rate term loan during the year partially offset by the receipt of $129 million (US) of dividend payments from JV Inkai. Net debt at June 30, 2024, was $1.0 billion.

Total product inventories are $838 million compared to $692 million at the end of 2023. Inventories increased due to sales being lower than production and purchases in the first six months of the year. The average cost for uranium has decreased to $46.49 per pound compared to $49.62 per pound at December 31, 2023. As of June 30, 2024, we held an inventory of 13.4 million pounds of U₃O₈ equivalent (excluding broken ore) (December 31, 2023 - 10.3 million pounds). Inventory varies from quarter to quarter depending on the timing of production, purchases and sales deliveries in the year.

Financial results by segment

Uranium

SECOND QUARTER

Production during the quarter was 7.1 million pounds, 61% higher than the second quarter of 2023. See Uranium 2024 Q2 updates starting on page 27 for more information.

Uranium revenues this quarter were up 30% compared to 2023 due to a 13% increase in sales volume due to the timing of sales, which were in line with the delivery pattern disclosed in our annual MD&A, and an increase of 15% in the Canadian dollar average realized price. The average realized price increased as a result of the impact of spot price changes on market-related contracts. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 20.

Total cost of sales (including D&A) increased by 13% ($336 million compared to $297 million in 2023) due to a 13% increase in sales volume. Unit cost of sales was unchanged from the same period last year.

The net effect was a $72 million increase in gross profit for the quarter.

Equity earnings from investee, JV Inkai, were $48 million in the second quarter compared to $8 million in the same period last year.

FIRST SIX MONTHS

Production volumes for the first six months of the year were 47% higher than in the previous year. See Uranium 2024 Q2 updates starting on page 27 for more information.

2024 SECOND QUARTER REPORT 23

Uranium revenues increased 8% compared to the first six months of 2023 despite an 11% decrease in sales volumes, due to an increase of 22% in the Canadian dollar average realized price, which was a result of the impact of the increase in the average US dollar spot price on market-related contracts. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 20.

Total cost of sales (including D&A) decreased by 3% ($729 million compared to $755 million in 2023) primarily as a result of an 11% decrease in sales volume partially offset by a unit cost of sales that was 9% higher than the same period last year. Unit cost of sales was higher in 2024 due to the higher cost of purchased material in 2024 compared to the same period in 2023.

The net effect was a $105 million increase in gross profit for the first six months.

Equity earnings from investee, JV Inkai, were $125 million in the first six months of 2024 compared to $64 million in the same period last year.

The table below shows the costs of produced and purchased uranium incurred in the reporting periods (which are non-IFRS measures, see the paragraphs below the table). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

The average cash cost of production was 27% lower for the quarter compared to the same period in 2023. For the first six months, the average cash cost of production was 22% lower than in the same period in 2023.

In 2024, we expect the average unit cost of production at McArthur River/Key Lake to continue to be higher than the average unit life of mine operating costs reflected in our most recent annual information form as we complete the ramp up of production and continue work to realize the benefits from the operational improvements that have been made. The estimated average unit life of mine operating costs reflected in our most recent annual information form are $16.70 per pound at McArthur River/Key Lake and $20.58 per pound at Cigar Lake.

Our purchases in the second quarter of 2024 totaled about $185 million, representing an average cost of $109.11 per pound, about $83.00 per pound higher than our total unit production cost for the quarter. Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. In the second quarter, the average cash cost of purchased material was $109.11 (Cdn) per pound, or $80.27 (US) per pound, compared to $68.31 (Cdn) per pound, or $50.23 (US) per pound in the second quarter of 2023. As a result, the average cash cost per pound of purchased material in Canadian dollar terms increased by 60% this quarter compared to the same period last year.

For the first six months of the year, purchases totaled about $424 million, representing an average cost of $96.25 per pound, about $69.00 per pound higher than our total unit production cost for the same period last year. The average cash cost of purchased material for the six-month period was $96.25 (Cdn), or $71.32 (US) per pound, compared to $68.17 (Cdn), or $50.16 (US) per pound in the same period in 2023. As a result, the average cash cost per pound of purchased material in Canadian dollar terms increased by 41% for the six months compared to the same period last year.

24 CAMECO CORPORATION

We equity account for our share of JV Inkai. As a result, we record our share of its production as a purchase, which under Kazakhstan’s pricing regulations, requires we purchase the material at a price equal to the uranium spot price, less a 5% discount. Our share of the economic benefit is reflected in the line item on our statement of earnings called, “share of earnings from equity-accounted investee” and is based on the difference between our purchase price and JV Inkai’s lower production cost (estimated average unit life of mine operating cash cost of $12.42 per pound, prior to the implementation of the amended MET provisions). If there is a significant disruption to JV Inkai’s operations for any reason, it may not achieve its production plans, there may be a delay in production, and it may experience increased costs to produce uranium.

JV Inkai contribution to uranium segment

In the second quarter, included in net earnings attributable to equity holders for the uranium segment is $48 million of equity earnings and included in EBITDA is $54 million of EBITDA from JV Inkai, compared to $8 million and $18 million respectively in the same period last year.

For the first six months of the year, $125 million is included in net earnings attributable to equity holders and $159 million is included in EBITDA from JV Inkai, compared to $64 million and $80 million respectively in the same period last year.

The increase in JV Inkai’s equity earnings and EBITDA was largely driven by the higher uranium prices in the first quarter and six months of 2024 compared to the same periods in 2023, partially offset by increased costs. In April, we received a cash dividend of $129 million (US), net of withholdings, based on JV Inkai’s 2023 financial performance. From a cash flow perspective, we expect to realize the benefit from JV Inkai’s 2024 financial performance in 2025, once the dividend for 2024 is declared and paid.

The following table reconciles our share of earnings from JV Inkai to EBITDA:

Fuel services

SECOND QUARTER

Total revenue for the second quarter of 2024 increased by 4% from $113 million in the same period last year to $118 million. This was due primarily to a 12% increase in average realized price compared to 2023 partially offset by a 9% decrease in sales volumes. Average realized price increased mainly due to constructive market conditions and increased prices for UF₆.

The total cost of products and services sold (including D&A) increased 16% ($86 million compared to $74 million in 2023) due to an increase of 24% in the average unit cost of sales, which was partially offset by the 9% decrease in sales volume. Unit cost of sales increased mainly due to lower production volumes which was a result of operational issues in the first half of the year which have now been resolved.

2024 SECOND QUARTER REPORT 25

The net effect was a $6 million decrease in net earnings.

FIRST SIX MONTHS

In the first six months of the year, total revenue decreased 8% to $190 million from $206 million for the same period last year due to a 21% decrease in sales volumes, partially offset by a 17% increase in average realized price. The increase in average realized price was mainly the result of increased prices due to constructive market conditions.

The total cost of products and services sold (including D&A) increased 2% ($139 million compared to $136 million in 2023) due to a 30% increase in the average unit cost of sales partially offset by a 21% decrease in sales volume. Average unit cost of sales was higher as a result of increased input costs as well as the lower production volume.

The net effect was a $17 million decrease in net earnings.

Westinghouse

OUR EARNINGS FROM WESTINGHOUSE

On November 7, 2023, we announced the closing of the acquisition of Westinghouse in a strategic partnership with Brookfield. Cameco now owns a 49% interest and Brookfield owns the remaining 51%. Under the equity method of accounting, beginning on November 7, 2023, we have included our share of Westinghouse’s earnings in our financial results.

In line with the expected variability in Westinghouse’s quarterly performance, second quarter results improved over the first quarter with a reported net loss of $47 million (our share), resulting in a net loss of $170 million (our share) for the six months ended June 30, 2024 primarily related to the impact of purchase accounting, which required the revaluation of its inventories based on market prices at time of acquisition and the expensing of some other non-operating acquisition-related transition costs. As the acquired inventory is sold, Westinghouse’s cost of products and services sold will reflect these higher market values, regardless of its historic costs. The impact of the revaluation of inventory and the other non-operating acquisition-related transition costs are largely isolated to 2024 and therefore are expected to have little impact in future years. However, Westinghouse’s quarterly results will continue to be impacted by amortization of the intangible assets that arose as a result of the fair values assigned to Westinghouse’s net assets at the time of acquisition. We use adjusted EBITDA as a performance measure as the impact of the revaluation of Westinghouse’s inventory and assets and the non-operating acquisition-related transition costs do not reflect the underlying performance for the reporting period. We believe Westinghouse remains on track to achieve its 2024 outlook.

26 CAMECO CORPORATION

We do not believe Westinghouse’s quarterly results are necessarily a good indication of annual results due to variability in timing of customer requirements and delivery and outage schedules. The first quarter is typically weaker, with stronger expected performance in the second half of the year, and higher expected cash flows in the fourth quarter.

Our operations

Uranium – production overview

We produced 7.1 million pounds of U₃O₈ (our share) in the second quarter and 12.9 million pounds production (our share) in the first six months of 2024, compared to 4.4 million pounds and 8.8 million pounds in the same periods of 2023. In 2023, the Key Lake mill had not yet achieved an 18 million pound per year run rate, and at Cigar Lake, productivity was impacted by a transition to a new mining area.

We continue to evaluate the optimal mix of production, inventory and purchases in order to retain the flexibility to deliver long-term value.

URANIUM PRODUCTION

Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or, experience production delays and increased costs.

The annual maintenance shutdowns at Cigar Lake and at McArthur River and Key Lake are currently planned for the third quarter of 2024, which is similar timing to previous years.

Uranium 2024 Q2 updates

PRODUCTION UPDATE

McArthur River/Key Lake

In the second quarter of 2024, total packaged production from McArthur River and Key Lake was 6.2 million pounds (4.2 million pounds our share) compared to 3.3 million pounds (2.3 million pounds our share) in the second quarter of 2023. Our share of production was higher in the second quarter of 2024 compared to 2023 with the mill having achieved its planned production run rate. Our share of production in the first six months of 2024 was 7.8 million pounds compared to 4.6 million pounds in 2023 for the same reason.

We continue to expect production of 18 million pounds (12.6 million pounds our share) in 2024.

The collective agreement with the United Steelworkers Local 8914 expired in December 2022 and a new three-year contract was approved by union membership in July 2024. The new collective agreement expires in December 2025.

Cigar Lake

Total packaged production from Cigar Lake was 5.3 million pounds (2.9 million pounds our share) in the second quarter of 2024 compared to 3.8 million pounds (2.1 million pounds our share) in the second quarter of 2023, when quarterly production was lower while transitioning to a new mining area. Our share of production in the first six months of 2024 was 5.1 million pounds compared to 4.2 million pounds in the same period in 2023 for the same reason.

We continue to expect 18.0 million pounds (9.8 million pounds our share) in 2024.

2024 SECOND QUARTER REPORT 27

Inkai

Production on a 100% basis was 1.9 million pounds for the quarter, and 3.5 million pounds for the first six months of this year, compared to 2.4 million pounds and 4.3 million pounds in the same periods last year. The lower production for the quarter and the first half of the year is attributed to challenges with acid supply in the early part of the year.

Due to equity accounting, our share of production is shown as a purchase at a 5% discount to the spot price and included in inventory at this value at the time of delivery. Our share of the profits earned by JV Inkai on the sale of its production to the JV partners is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings. Excess cash, net of working capital requirements, is distributed to the partners as dividends once declared.

JV Inkai continues to experience procurement and supply chain issues, most notably, related to the stability of sulfuric acid deliveries. JV Inkai’s current production target for 2024 is 8.3 million pounds of U₃O₈ (100% basis). However, this target is tentative and contingent upon receipt of sufficient volumes of sulfuric acid. Our allocation of the planned production from JV Inkai remains under discussion, which is now further complicated by taxation changes that are expected to take effect beginning in 2025.

In addition to the issue of availability of sulfuric acid, achievement of JV Inkai’s 2024 production target requires it to successfully manage several other ongoing risks, including other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.

The geopolitical situation continues to cause transportation risks in the region. We continue to work closely with JV Inkai and our joint venture partner, Kazatomprom, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports. We could experience further delays to our expected Inkai deliveries this year if transportation using this shipping route takes longer than anticipated.

To mitigate the risk of production shortfalls or transportation delays, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on.

Depending on cost inflation impacts, actual production volumes and when we receive shipments of our share of Inkai’s 2024 production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.

Subsequent to the end of the quarter, our JV partner, Kazatomprom, issued a news release indicating that at the end of June, the government of the Republic of Kazakhstan introduced amendments to the country’s Tax Code, including significant increases to the MET rate paid by mining entities on uranium production, beginning in 2025. We are evaluating the new MET and if it remains as currently formulated, preliminary conclusions indicate that production costs in Kazakhstan would be similar to northern Saskatchewan operations, depending on the assumptions used for uranium price, production profile, and exchange rate.

TIER-TWO CURTAILED OPERATIONS

US ISR Operations

As a result of our 2016 curtailment decision, commercial production has ceased. As production is suspended, we expect ongoing cash and non-cash care and maintenance costs to range between $12.5 million (US) and $14.5 million (US) for 2024.

Rabbit Lake

Rabbit Lake remains in a safe state of care and maintenance following the suspension of production in 2016. We continue to evaluate opportunities to minimize care and maintenance costs while maintaining critical infrastructure and processes. We expect care and maintenance costs to range between $29 million and $33 million for 2024.

28 CAMECO CORPORATION

Fuel services 2024 Q2 updates

PORT HOPE CONVERSION SERVICES

CAMECO FUEL MANUFACTURING INC. (CFM)

Production update

Fuel services produced 2.9 million kgU in the second quarter of 2024, 15% lower than the second quarter last year primarily due to temporary operational issues in one of the processing circuits at the UF₆ plant, which have been resolved. Production in the first six months of 2024 was 6.7 million kgU, down 12% compared to the same period last year, also related to the temporary operational issues in the first half of 2024.

Our fuel services segment includes the combined production of UO₂, UF₆, and heavy water reactor fuel bundles. Although fuel services outlook and production results are typically not broken down by individual product line, we previously indicated we were targeting production of 12,000 tonnes per year at the Port Hope UF₆ conversion facility. While our annual production expectation for fuel services remains between 13.5 million and 14.5 million kgU of combined fuel services products in 2024, we now expect the conversion component of that guidance to be between 11,000 and 11,500 tonnes of UF₆.

We are continuing our work at Port Hope to achieve an ongoing production rate that will supply 12,000 tonnes per year in order to satisfy our book of long-term commitments and demand for conversion services. Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.

A new collective agreement with unionized employees at our Cameco Fuel Manufacturing operations was reached in June 2024 for a three-year term, expiring in June 2027.

Qualified persons

The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101:

Non-IFRS measures

The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. The following are the non-IFRS measures used in this document.

2024 SECOND QUARTER REPORT 29

ADJUSTED NET EARNINGS

Adjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, adjustments to reclamation provisions flowing through other operating expenses, and bargain purchase gains, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results starting on page 36 of our 2023 annual report).

In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange starting on page 15 for more information.

We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 10 of our interim financial statements for more information. This amount has been excluded from our ANE measure.

The bargain purchase gain that was recognized in the second quarter of 2022 when we acquired our pro-rata share of Idemitsu Canada Resources Ltd.’s 7.875% participating interest in the Cigar Lake Joint Venture has also been removed in calculating ANE since it is non-cash, non-operating and outside of the normal course of our business. The gain was recorded in the statement of earnings as part of “other income (expense)”.

As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs are included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 7 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs are included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 7 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

30 CAMECO CORPORATION

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2024 and compares it to the same periods in 2023.