Cameco Touts Nuclear Demand Surge, Strong 2025 Results at Annual Meeting

Key Points

• Cameco said global nuclear demand is accelerating as governments, industries and the public increasingly view nuclear power as essential for energy security, national security and decarbonization. The company noted nearly 40 countries have pledged to triple nuclear capacity by 2050.
• The company highlighted strong 2025 performance, including repaying its remaining US$200 million term loan, boosting its annual dividend earlier than planned, and delivering solid operational results across its uranium and fuel services businesses.
• Cameco emphasized its Westinghouse partnership, pointing to an October 2025 U.S. government-backed initiative that could support at least $80 billion in investment and create long-term reactor maintenance, services and fuel opportunities.

Cameco NYSE: CCJ used its 2026 annual meeting of shareholders to highlight growing global support for nuclear energy, review its 2025 operational and financial progress, and complete routine shareholder votes, including the election of directors and approval of its executive compensation approach.

Catherine Gignac, chair of Cameco’s board, told shareholders that momentum for nuclear energy continued to build through 2025 among governments, industries and the public. She said demand is being driven by growing recognition of nuclear power’s role in energy security, national security and climate security as electrification and decarbonization accelerate.

“Today, we are seeing increased demand for nuclear energy around the world, which is good news for Cameco,” Gignac said.

Nuclear Demand and Cameco’s Strategy

Gignac said Cameco’s strategy is centered on “full cycle value capture,” supported by a disciplined contracting framework, production from tier-one assets and alignment of production decisions with delivery commitments and customer needs.

She said Cameco has built a reputation as a dependable supplier with diversified assets that allow the company to respond to market demand while remaining aligned with its long-term contract portfolio and supply strategy.

Gignac said nearly 40 countries have pledged to triple nuclear power capacity by 2050, and she described the fundamental support for nuclear power and nuclear fuel as “more durable than ever.” She also said geopolitical uncertainty and concerns about energy security, national security and climate security are expected to continue supporting demand.

2025 Performance and Operations

According to Gignac, Cameco delivered strong financial performance in 2025 while continuing to build its long-term contract portfolio in a market increasingly focused on security of supply.

The company repaid the remaining US$200 million outstanding on its term loan and maintained what Gignac described as a strong balance sheet. Cameco also increased its annual dividend to CAD $0.24 per common share, which Gignac said occurred a year earlier than planned.

Operationally, Gignac said Cameco met its delivery commitments using its production and supply flexibility. She noted that McArthur River and Key Lake faced challenges related to the transition to new mining areas, which led to a decision to reduce production volume at that operation. Cigar Lake exceeded expectations and helped offset some deferred production, she said.

Cameco’s Fuel Services segment also delivered what Gignac called another strong year, including record UF6 production at Port Hope.

Westinghouse Investment Highlighted

Gignac said market conditions are creating growth opportunities for Westinghouse, which Cameco owns through a strategic partnership with Brookfield. She said Westinghouse made a meaningful contribution to Cameco’s overall results in 2025, including through strong underlying performance and a cash distribution tied to its participation in the Dukovany nuclear project in the Czech Republic.

She also pointed to an October 2025 announcement involving a strategic partnership among Cameco, Brookfield, Westinghouse and the U.S. government to accelerate deployment of Westinghouse reactor technology.

Gignac said the partnership includes financing with an aggregate investment value of at least $80 billion and support for permitting and approvals to construct new reactors in the United States using Westinghouse technology. She said Westinghouse’s AP1000 reactor has six units operating globally and another 14 under construction.

Once new reactors enter operation, Gignac said their maintenance, services and fuel supply needs over 80- to 100-year life cycles are expected to create opportunities for both Westinghouse and Cameco.

Indigenous Relations and Community Investment

Gignac said Cameco remains committed to responsible and sustainable business practices, including safety, environmental stewardship, integrity and community relationships.

She highlighted Cameco’s relationships with Indigenous communities and said the company is one of Canada’s largest employers of Indigenous people. Gignac said Cameco recently surpassed CAD $5 billion in total spending on goods and services for its Saskatchewan operations with northern Indigenous-owned contractors and businesses since it began tracking the metric in 2004.

She also noted Cameco’s CAD $10 million donation in 2025 to the University of Saskatchewan. The donation will support a new undergraduate nuclear fuel cycle program, research and innovation in the energy and mining sector, and expanded opportunities for northern and Indigenous communities through programs including the Cameco Science, Technology, Engineering, and Mathematics Pathways Initiative at the University of Saskatchewan Prince Albert Campus.

Shareholder Votes Completed

During the formal portion of the meeting, shareholders received Cameco’s 2025 consolidated financial statements and auditor’s report, elected directors, appointed auditors and considered a non-binding advisory resolution on executive compensation.

Jenny Hoffman, Cameco’s corporate secretary, put forward the director nominees: Tammy Cook-Searson, Catherine Gignac, Tim Gitzel, Marie Inkster, Kathryn Jackson, Don Kayne, Peter Kukielski, Dominique Minière and Leontine van Leeuwen-Atkins. Each nominee was elected by a majority of votes cast.

Shareholders also approved the appointment of KPMG LLP as auditor. Hoffman said the preliminary vote report showed support of at least 93% for the auditor appointment and at least 98% for the advisory vote on executive compensation. Final voting results are expected to be filed on SEDAR+ on or before May 8, 2026.

Gignac also recognized Daniel Camus, who is not standing for re-election after reaching Cameco’s director term limit, and thanked him for his 15 years of service, including his role as chair of the Audit and Finance Committee.

No shareholder questions were submitted during either the formal business portion of the meeting or the general question-and-answer session.

About Cameco NYSE: CCJ

Cameco Corporation NYSE: CCJ is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company's operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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