Mr. Tim Gitzel reports

CAMECO INCREASES OWNERSHIP STAKE IN CIGAR LAKE MINE

Cameco Corp. and Orano Canada Inc. have reached agreement with TEPCO Resources Inc. to acquire TEPCO's 5-per-cent participating interest in the Cigar Lake joint venture. Upon closing, Cameco's ownership stake in the Cigar Lake uranium mine in Northern Saskatchewan will increase by 2.871 percentage points to 57.418 per cent, while Orano's share will rise by 2.129 percentage points to 42.582 per cent.

"Cigar Lake is among the world's best uranium mines, producing the highest-grade uranium ore from a safe, reliable and cost-effective operation," said Cameco's chief executive officer, Tim Gitzel. "Increasing our ownership in this world-class, Tier 1 asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation. Cigar Lake's success wouldn't be possible without supportive neighbouring indigenous communities, which provide vital work force and supply chain support through our mutually beneficial partnerships."

Cameco's purchase cost to acquire our respective share of TEPCO's interest in Cigar Lake is approximately $115.75-million, subject to customary closing adjustments. The acquisition is subject to certain regulatory approvals and other standard closing conditions. The transaction is expected to close in the third quarter of 2026.

Cigar Lake's reserve and resource base includes proven and probable reserves estimated at 172.4 million pounds of U3O8 (triuranium octoxide), measured and indicated resources of approximately 26.3 million pounds, and inferred resources of 20.0 million pounds (100-per-cent basis, as of Dec. 31, 2025). Since the time it began production in 2014, Cigar Lake has produced approximately 174.5 million packaged pounds (100-per-cent basis, as of Dec. 31, 2025).

The company's 2026 production outlook for the Cigar Lake mine is between 17.5 million and 18 million pounds of uranium concentrate (U3O8) on a 100-per-cent basis. In 2026, the company plans to continue production and development activities in the area currently being mined (CLMain), while continuing to advance the development work related to Cigar Lake extension (CLExt) that is required to extend the life of the mine to 2036. Planned capital projects related to CLExt include construction of a freeze pad, freeze distribution and underground infrastructure, with capital investments at Cigar Lake remaining consistent and aligned with the company's disciplined contracting, operational and capital allocation strategy.

Please see pages 97 and 98 of Cameco's 2025 annual information form for the key assumptions, parameters and methods used to estimate the Cigar Lake mineral reserves and resources.

Qualified persons

The technical and scientific information discussed in this document for Cigar Lake was approved by the following individuals who are qualified persons for the purposes of National Instrument 43-101: Kirk Lamont, general manager, Cigar Lake, Cameco Scott Bishop, director, technical services, Cameco.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. The company's 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. The company's shares trade on the Toronto and New York stock exchanges. Camecos head office is in Saskatoon, Sask., Canada.

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