Mr. Cory Kos reports

NORTHERN SASKATCHEWAN OPERATIONS UPDATE

Cameco Corp. has provided an operational update for its Northern Saskatchewan sites amidst flooding in the region, which is impacting roadways.

Its Northern Saskatchewan sites are not directly impacted by flood waters. However, flooding has caused the collapse of the Smoothstone River Bridge, which is on the primary route it uses to transport supplies to the McArthur River and Key Lake sites, and there are restrictions in place on the use of an alternative roadway. The company is in regular contact with the Saskatchewan Ministry of Highways, and it is working with its sites to minimize the impact of delivery disruptions. However, it has temporarily halted production activities at the Key Lake mill and reduced activity at the McArthur River mine until the normal delivery of critical operating materials can resume. The timeline for the resumption of normal deliveries is currently unknown.

At present, the Cigar Lake mine continues to operate, and its consolidated annual production plan remains unchanged. Depending on the duration of the road restrictions and its ability to make deliveries of critical operating materials, there is a risk that its 2026 production outlook for the McArthur River/Key Lake operation could be impacted.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Its competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of 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.