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• ExxonMobil for nuclear fuel
• Freeport-McMoRan for uranium

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• Uranium: Cameco produces uranium concentrate, which serves as the primary fuel source for nuclear power generation globally.
• Uranium Conversion Services: The company provides services to convert uranium concentrate into uranium hexafluoride (UF6), an essential step before uranium enrichment.

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Cameco (symbol: CCJ) sells primarily to other companies.

Its major customers are **nuclear utility companies** located across North America, Europe, and Asia. These utilities operate nuclear power plants and purchase uranium from Cameco under long-term contracts to fuel their reactors.

Due to the commercially sensitive nature of uranium supply agreements and competitive reasons, Cameco does not publicly disclose the specific names of its individual customer companies and their corresponding stock symbols.

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• JSC National Atomic Company Kazatomprom (KAP.L)

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Tim Gitzel, Chief Executive Officer

Tim Gitzel was appointed Chief Executive Officer of Cameco on July 1, 2011. He joined Cameco in January 2007 as senior vice-president and chief operating officer, and was subsequently appointed president in May 2010. With over 30 years of senior management and legal experience, he has extensive expertise in Canadian and international uranium mining activities. Prior to joining Cameco, Mr. Gitzel was executive vice-president of the mining business unit for Orano (formerly AREVA) in Paris, France, where he was responsible for global uranium, gold, exploration, and decommissioning operations across 11 countries. He also served as president and chief executive officer for Orano's Canadian subsidiary. He earned a BA and a law degree from the University of Saskatchewan in 1990.

Heidi Shockey, Senior Vice-President and Chief Financial Officer

Heidi Shockey was appointed Senior Vice-President and Chief Financial Officer of Cameco, effective September 1, 2025. Before this role, she served as the Deputy Chief Financial Officer, Vice-President, and Controller of the company. Ms. Shockey's background also includes experience as a Controller and an Assistant Vice President of Finance for companies within the hospitality industry.

Grant Isaac, President and Chief Operating Officer

Grant Isaac was appointed President and Chief Operating Officer, effective September 1, 2025. He joined Cameco in July 2009 as senior vice-president, corporate services. He was appointed senior vice-president and CFO in July 2011, and then executive vice-president and CFO in February 2023. As President and COO, he provides executive oversight for all Cameco operations, exploration, and corporate development, while also continuing to oversee the company's commercial and financial strategy. Prior to joining Cameco, he was a professor at the Edwards School of Business, University of Saskatchewan starting in 2000, and was appointed Dean of the Edwards School of Business in 2006. Mr. Isaac holds a BA (economics) and an MA (economics) from the University of Saskatchewan and a PhD from the London School of Economics.

David Doerksen, Senior Vice-President and Chief Marketing Officer

David Doerksen has served as Senior Vice-President and Chief Marketing Officer since 2024. Prior to this position, he held various senior roles at Cameco, encompassing areas such as marketing, corporate strategy, treasury, and business development.

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The key risks to Cameco's business are primarily tied to the volatile nature of the uranium market, operational challenges in its mining activities, and broader geopolitical and regulatory factors impacting the nuclear energy industry.

1. Uranium Price Volatility and Market Conditions: Cameco's profitability is highly dependent on uranium prices, which can be subject to significant volatility due to global supply and demand dynamics. Sustained periods of low uranium prices have historically led to production cuts and made new expansion projects uneconomical. While Cameco utilizes long-term contracts to mitigate some immediate spot price fluctuations, a substantial portion of its business remains exposed to market-related pricing mechanisms. The opaque nature of global uranium supply, often influenced by state-owned entities, further contributes to price uncertainty.
2. Production Challenges and Supply Chain Disruptions: Cameco faces ongoing operational risks, including production issues and supply chain challenges at its key mining operations. For instance, the Inkai operation in Kazakhstan has experienced lower-than-planned production due to difficulties with sulfuric acid deliveries and regulatory delays. Similarly, the McArthur River mine has seen production cuts attributed to operational and logistical delays. These disruptions can directly impact Cameco's ability to meet production targets and future demand, affecting its financial performance. The concentration of global uranium production in a limited number of regions also makes the supply chain vulnerable to disruptions.
3. Geopolitical and Regulatory Risks / Public Perception of Nuclear Energy: Geopolitical instability carries the risk of increased regulatory scrutiny or shifts in nuclear energy policies in key markets. Examples include the potential impact of U.S. tariffs on Canadian energy products. Additionally, public perception of nuclear energy remains a significant factor; a major nuclear disaster, similar to Fukushima, could negatively impact the global appetite for nuclear power development and consequently reduce demand for uranium. Although there is a current global push for nuclear energy as a low-carbon source, shifts in policy or public opinion could alter this outlook.

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The addressable markets for Cameco's main products and services are as follows:

• Uranium Production: The global uranium market size was estimated at approximately US$ 9.30 billion in 2024. This market is projected to grow to US$ 13.59 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.86% from 2025 to 2032.
• Nuclear Fuel Services (including refining, conversion, and fuel fabrication): The global nuclear fuel market size was valued at approximately $33.28 billion in 2024. It is expected to grow to $34.23 billion in 2025, and further to $38.89 billion by 2029.

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Here are 3-5 expected drivers of future revenue growth for Cameco (CCJ) over the next 2-3 years:

1. Increasing Uranium Prices and Long-Term Contracting: Cameco anticipates growth driven by a positive long-term demand outlook for uranium, coupled with its strategy of layering in volumes through long-term contracts that incorporate market-related pricing mechanisms. Analysts predict rising uranium prices due to projected supply deficits.
2. Global Growth in Nuclear Power Demand: The nuclear energy sector is experiencing a significant resurgence globally, driven by the increasing need for clean, reliable baseload electricity, including demand from AI-driven data centers. This broader industry tailwind is expected to boost demand for uranium and nuclear fuel services, directly benefiting Cameco.
3. Expansion and Optimization of Uranium Production: Cameco is focused on optimizing its existing assets and has the potential to restart or increase production from currently curtailed operations as market conditions and prices improve. The company is actively working to extend the mine life at Cigar Lake and increase production at McArthur River and Key Lake to their licensed annual capacities to meet anticipated demand.
4. Strategic Investment in Westinghouse Electric Company: Cameco's 49% ownership stake in Westinghouse is a significant growth driver. A partnership with the U.S. government, potentially involving at least $80 billion in new Westinghouse reactor investments, is expected to accelerate earnings growth for Westinghouse and, by extension, Cameco. Management had already projected compound annual growth in adjusted EBITDA for Westinghouse of 6-10% prior to this partnership.
5. Growth in Fuel Services Segment: The company's Fuel Services segment, which includes UF6 conversion, UO2, and heavy water reactor fuel bundles, is projected to contribute to revenue growth. For 2025, Cameco plans to produce between 13 million and 14 million kgU in this segment.

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Share Issuance

• In October 2022, Cameco completed a bought deal offering of 34,057,250 common shares, generating gross proceeds of approximately US$747.6 million.

Outbound Investments

• In October 2022, Cameco, in partnership with Brookfield Renewable, acquired Westinghouse Electric Company. Cameco's 49% interest in Westinghouse represented an estimated equity cost of approximately US$2.2 billion.
• This acquisition positioned Cameco to leverage a strategic partnership announced in October 2025 with the U.S. government to accelerate the deployment of Westinghouse nuclear reactor technologies, involving at least US$80 billion in new reactor construction financed by the U.S. government.

Capital Expenditures

• Cameco's capital expenditures were US$60 million in 2020, US$73 million in 2021, US$106 million in 2022, US$116 million in 2023, and US$147 million in 2024.
• Expected capital expenditures are forecast to be CAD$349.4 million for 2025 and CAD$355.5 million for 2026.
• The primary focus of capital expenditures is on improving operational effectiveness, optimizing assets, reducing costs, and supporting production plans at key mining operations like McArthur River/Key Lake and Cigar Lake.