Mr. Tim Gitzel reports

CAMECO MARKS URANIUM SUPPLY AGREEMENT WITH CHINA NUCLEAR INTERNATIONAL CORPORATION

Cameco Corp. has signed a uranium supply agreement with China Nuclear International Corp., a subsidiary of China National Nuclear Corp. (CNNC), one of the country's largest nuclear power operators.

The contract, finalized earlier this year, was marked as part of the 2023 International Forum on Natural Uranium Industry taking place in Beijing.

"China is counting on nuclear energy to play a major role in its commitment to achieve net-zero emissions, and CNNC is a large and growing part of that effort," said Cameco president and chief executive officer Tim Gitzel. "Cameco is very pleased to continue increasing our contribution toward the attainment of China's important climate goals."

Terms and details of the supply agreement are commercially confidential and will not be disclosed publicly. The contract volumes are reflected in the 215 million pounds of uranium Cameco reported having under long-term contracts as of April 27, 2023, and the reported average annual delivery volumes of 28 million pounds per year from 2023 through 2027 as of June 30, 2023.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Its competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on its nuclear fuel products to generate safe, reliable, carbon-free nuclear power. Its shares trade on the Toronto and New York stock exchanges. Its head office is in Saskatoon, Sask., Canada.