Cameco Corporation

- Cameco, in partnership with Brookfield and the U.S. government, recently secured an $80 billion agreement to kickstart nuclear reactor builds in the U.S., signaling a major orderbook catalyst. - Initial plans include launching 8 plants representing 4 large nuclear power plants, with flexibility in commercial structures to support this build-out. - Westinghouse has the capacity to start multiple reactors, targeting 2 reactors per year, contingent on standardizing, sequencing, and simplifying projects. - The U.S. government deal is expected to unlock significant supply chain development, stimulating orders beyond just the initial units. - No precise backlog volume numbers are provided, but the focus is on creating a critical mass of reactor orders to stimulate long-term supply chain investment and confidence. - Utilities have yet to show extensive long-term contracting for uranium, which impacts forward price discovery and order flow in nuclear fuel supply segments.

- As of the information on pages 3-11, there is no explicit mention of immediate new fundraising through debt or equity by Cameco itself. - The focus is on a recently signed $80 billion partnership deal between Westinghouse (a Cameco affiliate), Brookfield, and the U.S. government to finance new nuclear projects, which unlocks financing for reactor builds. - Discussion mentions the potential for an IPO-type event related to this deal, but no concrete details or timing are provided (page 5). - Cameco emphasizes a strong financial position with $779 million cash, $1 billion total debt, and a $1 billion undrawn credit facility (page 3), indicating no urgent need for new fundraising. - The company is managing liquidity prudently to support operations and sourcing without announcing new equity or debt offerings. - Future capital raising might depend on finalizing definitive agreements and financing packages with the U.S. government and partners (page 10).

- U.S. government partnership to facilitate at least $80 billion in investments supporting 8 to 10 AP1000 reactors, aimed at stimulating the supply chain and new nuclear builds in the U.S. - Potential for broader investment in Westinghouse, with U.S. government possibly acquiring an ownership stake post-performance milestones tied to reactor construction. - Focus on standardized, sequenced, and simplified reactor builds to enable multiple reactor starts yearly and efficient supply chain scaling. - Ongoing investments to advance technology readiness for Global Laser Enrichment (GLE) to TRL-6, removing technology risk and positioning for future capacity expansions. - Possible future capacity restart at Springfields conversion facility, contingent on securing long-term contracts with appropriate pricing and tenure to support infrastructure. - Continued cautious operational investment at McArthur River and Cigar Lake, reflecting supply discipline aligned with market signals and uranium pricing evolution.

- Cameco expects a strong finish to the year with higher deliveries in uranium and fuel services segments in Q4. - While 2025 production outlook for McArthur/Key decreased (14–15 million lbs vs. prior 18 million lbs), potential offset possible by Cigar Lake’s Q4 performance. - Consolidated 2025 production forecast is up to 20 million pounds of uranium share. - Flexible sourcing strategy via production, inventory, product loans, and market/long-term purchases supports sales commitments. - Continued momentum expected from pronuclear government policies and rising public support for nuclear energy. - Westinghouse’s solid quarter and increased revenue share contribute positively. - The company plans to release 2025 guidance in February; currently maintaining supply discipline awaiting clearer market demand signals. - Dividend growth accelerated, with 2025 annual dividend declared at $0.24 per share. - Overall outlook is stronger with growing global nuclear build-out and Cameco’s Tier 1 assets well positioned for future demand.

- Westinghouse is now worth significantly more than at acquisition, reflected in a $17.5 billion distribution claim, indicating substantial future earnings upside (Page 11). - The U.S. government partnership and $80 billion investment to support 8-10 AP1000 reactors act as a catalyst for large-scale growth and accelerating new builds, potentially expanding to 20-30 reactors or more, driving long-term profitability (Page 9). - The contractual framework targeting 25%-40% of plant cost with 10%-20% EBITDA margins remains valid, supporting strong operating earnings potential, subject to financing and long lead item orders finalization (Page 10). - Increasing uranium and fuel services deliveries expected in Q4 2025, with improving average realized prices, position Cameco for a strong year-end financial performance (Page 3). - The company expects higher cash flow and dividend growth, supported by improving finance and the recent Westinghouse distribution, signaling confidence in future profitability (Page 3).