1、Nuclear Fuel CycleMining&MillingOnce an orebody is discovered and defined by exploration,there are three common ways to mine uranium,depending on the depth of the orebody and the deposits geological characteristics:Open pit mining is used if the ore is near the surface.The ore is usually mined using
2、 drilling and blasting.Underground mining is used if the ore is too deep to make open pit mining economical.Tunnels and shafts provide access to the ore.In situ recovery(ISR)does not require large scale excavation.Instead,holes are drilled into the ore and a solution is used to dissolve the uranium.
3、The solution is pumped to the surface where the uranium is recovered.Ore from open pit and underground mines is processed to extract the uranium and package it as a powder typically referred to as uranium concentrates(U308)or yellowcake.The leftover processed rock and other solid waste(tailings)is p
4、laced in an engineered tailings facility.RefiningRefining removes impurities from the uranium concentrate and changes its chemical form to uranium trioxide(UO3).ConversionFor light water reactors,the UO3 is converted to uranium hexafluoride(UF6)gas to prepare it for enrichment.For heavy water reacto
5、rs,like the CANDU reactors,the UO3 is converted into powdered uranium dioxide(UO2).EnrichmentUranium is made up of two main isotopes:U-238 and U-235.Only U-235,which makes up 0.7%of natural uranium,is involved in the nuclear fission reaction and most of the worlds reactors require an enriched level
6、of U-235.The enrichment process increases the concentration of U-235,with most of the existing global reactor fleet requiring between 3%and 5%.However,to allow for extended refueling cycles and for some new and advanced reactor designs,higher levels of enrichment may be required.Enriched gas is then
7、 converted to powdered UO2.Fuel fabricationNatural or enriched UO2 is pressed into pellets,which are baked at a high temperature.These are packed into zircaloy or stainless steel tubes,sealed and then assembled into fuel bundles that are specific to each reactor design.Reactor Services(LWR/HWR)Nucle
8、ar reactors are used to generate electricity.U-235 atoms in the reactor fuel fission,creating heat that generated steam to drive turbines.Once a light water reactor is operating,it needs to be inspected and maintained every 18-24 months,at which time a portion of the fuel bundles must also be replac
9、ed to maximize efficiency.Heavy water reactors(CANDU)are continually refuelled,but must be refurbished after several decades of service.Spent fuel management The majority of spent fuel is safely stored at the reactor site.A small amount of spent fuel is reprocessed.The reprocessed fuel is used in so
10、me European and Japanese reactors.23567ENERGY GRIDEnergy that powers homes,hospitals,and businessesEXPLORATIONMINING AND MILLING UOREFINED TO UO Blind River refining facilityWorlds largest commercial uranium refineryCONVERSIONPort Hope conversion facilityCanadas only uranium conversion facilityCamec
11、o has exploration,mining,and milling assetsboth operated and non-operated,in Saskatchewan,the US,Australia,and KazakhstanHeavy water reactors (CANDU)Conversion of UO to UOConversion of UO to UFLight water reactors SPENT FUEL STORAGEFUEL FABRICATIONPort Hope and Cobourg fuel manufacturing facilitiesM
12、anufacturers reactor components and fuel bundles for CANDU reactorsCANDU REACTORSSPENT FUEL STORAGELIGHT WATER REACTORSFUEL FABRICATIONCONVERSION OF ENRICHED UF INTO UOENRICHMENT OF UF49%interest in Westinghouse49%interest in Global Laser Enrichment(GLE)(in development)OPERATED CAMECO ASSETSNON-OPER
13、ATED CAMECO ASSETSNON-CAMECO ACTIVITIES776654453211Managements discussion and analysis February 20,2025 10 MARKET OVERVIEW AND DEVELOPMENTS 17 2024 PERFORMANCE HIGHLIGHTS 22 OUR VALUES AND STRATEGY 32 OUR SUSTAINABILITY PRINCIPLES AND PRACTICES 35 MEASURING OUR RESULTS 37 FINANCIAL RESULTS 73 OPERAT
14、IONS AND PROJECTS 107 MINERAL RESERVES AND RESOURCES 112 ADDITIONAL INFORMATION 114 2024 CONSOLIDATED FINANCIAL STATEMENTS This managements discussion and analysis(MD&A)includes information that will help you understand managements perspective of our audited consolidated financial statements(financi
15、al statements)and notes for the year ended December 31,2024.The information is based on what we knew as of February 19,2025.We encourage you to read our audited consolidated financial statements and notes as you review this MD&A.You can find more information about Cameco,including our financial stat
16、ements and our most recent annual information form,on our website at ,on SEDAR+at www.sedarplus.ca,or on EDGAR at www.sec.gov.You should also read our annual information form before making an investment decision about our securities.The financial information in this MD&A and in our financial stateme
17、nts and notes is prepared according to International Financial Reporting Standards(IFRS),unless otherwise indicated.Unless we have specified otherwise,all dollar amounts are in Canadian dollars.Throughout this document,the terms we,us,our,the Company and Cameco mean Cameco Corporation and its subsid
18、iaries,unless otherwise indicated.2 CAMECO CORPORATION Caution about forward-looking information Our MD&A includes statements and information about our expectations for the future.When we discuss our strategy,plans,future financial and operating performance,or other things that have not yet taken pl
19、ace,we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States(US)securities laws.We refer to them in this MD&A as forward-looking information.Key things to understand about the forward-looking information in this MD&A:It typi
20、cally includes words and phrases about the future,such as:anticipate,believe,estimate,expect,forecast,goal,intend,outlook,plan,project,strategy,target,vision,and will(see examples below).It represents our current views and can change significantly.It is based on a number of material assumptions,incl
21、uding those we have listed on page 5,which may prove to be incorrect.Actual results and events may be significantly different from what we currently expect,due to the risks associated with our business.We list a number of these material risks on page 4.We recommend you also review our most recent an
22、nual information form,which includes a discussion of other material risks that could cause actual results to differ significantly from our current expectations.Forward-looking information is designed to help you understand managements current views of our near-and longer-term prospects,and it may no
23、t be appropriate for other purposes.We will not necessarily update this information unless we are required to by securities laws.Examples of forward-looking information in this MD&A our view that we have the strengths to take advantage of the worlds rising demand for safe,secure,reliable,affordable
24、and carbon-free energy that we will continue to focus on delivering our products responsibly and addressing the risks and opportunities that we believe will make our business sustainable and will build long-term value our expectations about when future reactors will come online our expectations abou
25、t 2025 and future global uranium supply,consumption,contracting,demand,geopolitical issues and the market including the discussion under the heading Market overview and developments our expectations for the future of the nuclear industry and the potential for new enrichment technology,including that
26、 nuclear power must be a central part of the solution to the worlds shift to a low-carbon climate-resilient economy and that our investment in enrichment technology,if successful,will allow us to participate in the entire nuclear fuel value chain our efforts to participate in the commercialization a
27、nd deployment of small modular reactors(SMRs)and increase our contributions to decarbonization and help provide energy security by exploring SMRs and other emerging opportunities within the fuel cycle our expectations about future demand for SMRs our views on our ability to self-manage risk the disc
28、ussion under the heading Our business the discussion under the heading Our strategy our expectations regarding the effect of supply scarcity on our long-term contract portfolio our expectations regarding the operation of,and production levels for,the Cigar Lake mine and McArthur River/Key Lake opera
29、tion and fuel services,as well as our exploration activities at these and other sites our expectations regarding the future average unit cost of production at McArthur River/Key Lake at Cigar Lake and at JV Inkai operations our expectations regarding our licences for McArthur River,Key Lake and Crow
30、 Butte Kazatomproms planned production levels for JV Inkai and the timing of deliveries,and our other expectations regarding JV Inkai the discussion under the heading Our Sustainability principles and practices including our belief that we can be part of the solution to enhance national,energy and c
31、limate security,and our position to deliver significant long-term business value our expectations for uranium purchases,sales and deliveries our intentions regarding future dividend payments the discussion of our expectations relating to our Canada Revenue Agency(CRA)transfer pricing dispute,includi
32、ng our confidence that the courts would reject any attempt by CRA to utilize the same or similar positions for other tax years currently in dispute,our plan to file a notice of objection for 2018 and our belief that CRA should return the full amount of cash and security that has been paid or otherwi
33、se secured by us the discussion of our future plans for Cigar Lake and McArthur River/Key Lake under the heading 2024 performance highlights our views on our ability to align our production with market opportunities and our contract portfolio our expectation regarding opportunities to improve operat
34、ional effectiveness and to reduce our impact on the environment,including through the use of digital and automation technologies the discussion under the heading Outlook for 2025,including expected business resiliency,expectations for 2025 average unit cost of sales,average purchase price per pound,
35、deliveries and production,2025 financial outlook,our revenue,tax rates,adjusted net earnings and cash flow sensitivity,and our price sensitivity analysis for our uranium segment MANAGEMENTS DISCUSSION AND ANALYSIS 3 the discussion under the heading Liquidity and capital resources,including expected
36、liquidity to meet our 2025 obligations our expectation that the uranium contract portfolio we have built will continue to provide a solid revenue stream,and our portfolio management strategy,including our inventory strategy and the extent of our spot market purchases our expectation that our cash ba
37、lances and operating cash flows will meet our anticipated 2025 capital requirements our expectations for our and Westinghouse Electric Companys(Westinghouse)future capital expenditures and sources of funds our expectation that in 2025 we will be able to comply with all the covenants in our credit ag
38、reements our expectation that Westinghouse will continue to comply with the covenants in its credit agreements life of mine operating cost estimates for the Cigar Lake,McArthur River/Key Lake and JV Inkai operations our future plans and expectations for uranium properties,advanced uranium projects,a
39、nd fuel services operating sites,including production levels and suspension of production at certain properties,pace of advancement and expansion capacity,carbon reduction targets and mine life,and that our core growth is expected to come from our existing mining and fuel services assets our expecta
40、tions related to care and maintenance costs our mineral reserve and resource estimates our decommissioning estimates the discussion of our expectations relating to our 49%interest in Westinghouse,including the investment in Westinghouse expanding our participation in the nuclear fuel value chain,Wes
41、tinghouse providing a platform for further growth,and various factors and drivers for Westinghouses business segment our expectation that our investment in Westinghouse will enhance our participation in the nuclear fuel cycle our expectation that our investment in Westinghouse will be accretive to u
42、s and augment the core of our business our expectation of Westinghouse being well positioned to participate in the growing demand profile for nuclear energy our plans to update our physical climate risk assessments,incorporate these findings into our internal risk management review and developing an
43、 adaptation action plan template and our expectations regarding the timing for implementation of these plans our expectations regarding our research and development expenses for 2025 our expectations regarding the Canadian Nuclear Safety Commissions review of our preliminary decommissioning cost est
44、imate for the Port Hope conversion facility our expectations regarding which extraction methods we will use in the future our expectation that Westinghouses durable and growing business will allow Westinghouse to self-fund its approved annual operating budget,maintain its existing capacity to servic
45、e its annual financial obligations from de-risked cash flows,and pay annual distributions to its owners our 2025 outlook for Westinghouse,including Adjusted EBITDA,capital expenditures and revenue our expectation that strategic initiatives,including the development of the AP300 small modular reactor
46、 and the eVinci microreactor,will provide new business opportunities for Westinghouse that will make a meaningful contribution to Westinghouses long-term financial performance our expectation for Westinghouse projects generating multi-year revenue streams and EBITDA for Westinghouse our expectation
47、that the timing of cash distributions from Westinghouse will be aligned with the timing of Westinghouses cash flows our expectation that Westinghouses new opportunities will allow Westinghouse to compete for and win new business our expectation that Westinghouses reputation and position will benefit
48、 its core business as Eastern European countries seek to develop a reliable fuel supply chain our expectations regarding the growth of Westinghouses Adjusted EBITDA over the next five years our estimates in respect of the framework for the timing of revenue flows and profitability of contracts under
49、 a new build project our expectations with respect to the development of the AP300 small modular reactor and eVinci microreactor our expectation on Westinghouse being well-positioned for future growth our expectations regarding when Global Laser Enrichments technology will be deployed at a commercia
50、l scale 4 CAMECO CORPORATION Material risks actual sales volumes or market prices for any of our products or services are lower than we expect,or cost of sales is higher than we expect,for any reason,including changes in market prices,loss of market share to a competitor,trade restrictions,geopoliti
51、cal issues or the impact of a pandemic we are adversely affected by changes in currency exchange rates,interest rates,royalty rates,tax rates,tariffs or inflation our production costs are higher than planned,or necessary supplies are not available,or not available on commercially reasonable terms ou
52、r strategies may change,be unsuccessful or have unanticipated consequences,or we may not be able to achieve anticipated operational flexibility and efficiency changing views of governments regarding the pursuit of carbon reduction strategies or our view may prove to be inaccurate on the role of nucl
53、ear power in pursuit of those strategies our estimates and forecasts prove to be inaccurate,including production,purchases,deliveries,cash flow,revenue,costs,decommissioning,reclamation expenses,or timing or receipt of future dividends from JV Inkai that we may not realize the expected benefits from
54、 our investment in Westinghouse or any of our other joint venture investments Westinghouse fails to generate sufficient cash flow to fund its approved annual operating budget or make distributions to the partners we are unable to enforce our legal rights under our existing agreements,permits or lice
55、nces we are subject to litigation or arbitration that has an adverse outcome that the courts may accept the same,similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years the possibility of a materially different outcome in disputes wi
56、th CRA for other tax years that CRA does not agree that the court rulings for the years that have been resolved in Camecos favour should apply to subsequent tax years that CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured in a timely manner
57、,or at all there are defects in,or challenges to,title to our properties our mineral reserve and resource estimates are not reliable,or there are unexpected or challenging geological,hydrological or mining conditions we are affected by environmental,safety and regulatory risks,including workforce he
58、alth and safety or increased regulatory burdens or delays resulting from a pandemic or other causes we are adversely affected by subsurface contamination from current or legacy operations necessary permits or approvals from government authorities cannot be obtained or maintained we are affected by p
59、olitical risks,including developments in US foreign policy,global conflicts,sanctions or any potential future unrest in Kazakhstan we may be affected by crime,corruption,making improper payments or providing benefits that may violate Canadian or US law or laws relating to foreign corrupt practices o
60、r sanctions operations are disrupted due to problems with our own or our suppliers or customers facilities,the unavailability of reagents,equipment,operating parts and supplies critical to production,equipment failure,lack of tailings capacity,labour shortages,labour relations issues,strikes or lock
61、outs,underground floods,cave-ins,ground movements,tailings dam failures,transportation disruptions or accidents,aging infrastructure or other development and operating risks we are affected by terrorism,sabotage,blockades,civil unrest,social or political activism,outbreak of illness(such as a pandem
62、ic),accident or a deterioration in political support for,or demand for,nuclear energy a major accident at a nuclear power plant we are impacted by changes in the regulation or public perception of the safety of nuclear power plants,which adversely affect the construction of new plants,the relicensin
63、g of existing plants and the demand for uranium government laws,regulations,policies or decisions that adversely affect us,including tax and trade laws,tariffs and sanctions,including changes in mining laws or regulations our uranium suppliers or purchasers fail to fulfil their commitments our McArt
64、hur River development,mining or production plans are delayed or do not succeed for any reason our Cigar Lake development,mining or production plans are delayed or do not succeed for any reason our production plans for our fuel services segment do not succeed for any reason the McClean Lakes mill pro
65、duction plan is delayed or does not succeed for any reason water quality and environmental concerns could result in a potential deferral of production and additional capital and operating expenses required for the Cigar Lake and McArthur River/Key Lake operations JV Inkais development,mining or prod
66、uction plans are delayed or do not succeed for any reason,or JV Inkai is unable to transport and deliver its production we may be unsuccessful in pursuing innovation or implementing advanced technologies,including the risk that the commercialization and deployment of SMRs or new enrichment technolog
67、y may incur unanticipated delays or expenses,or ultimately prove to be unsuccessful our expectations relating to care and maintenance costs prove to be inaccurate the risk that we may not be able to realize our expected cash flow the risk that we may become unable to pay future dividends at the expe
68、cted rate MANAGEMENTS DISCUSSION AND ANALYSIS 5 we are affected by natural phenomena,including inclement weather,fire,flood and earthquakes the risks that generally apply to all our operations and advanced uranium projects that are discussed under the heading Managing the risks beginning on page 70
69、the risks relating to our tier-one uranium operations discussed under the heading McArthur River mine/Key Lake mill Managing Our Risks beginning on page 75,under the heading Cigar Lake Managing Our Risks beginning on page 79,and under the heading Inkai Managing Our Risks beginning on page 83 unexpec
70、ted changes in uranium supply,demand,long-term contracting,and prices changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power,electrification and decarbonization the risk that our views regarding nuclear power,its growth
71、profile,and benefits may prove to be incorrect the risk that we and Westinghouse may not be able to meet sales commitments for any reason the risk that Westinghouse may not achieve the expected growth in its business the risk to Westinghouses business associated with potential production disruptions
72、,including those related to global supply chain disruptions,global economic uncertainty,political volatility,labour relations issues,and operating risks the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our sustainability principles an
73、d other values the risk that Westinghouses strategies may change,be unsuccessful,or have unanticipated consequences the risk that Westinghouse may be unsuccessful in respect of its new business the risk that Westinghouse may be delayed in announcing its future financial results the risk that Westing
74、house may fail to comply with nuclear licence and quality assurance requirements at its facilities the risk that Westinghouse may lose protections against liability for nuclear damage,including discontinuation of global nuclear liability regimes and indemnities the risk that increased trade barriers
75、 may adversely impact our business,or the business of any of the joint ventures in which we have invested the risk that Westinghouse may default under its credit facilities,impacting adversely Westinghouses ability to fund its ongoing operations and to make distributions the risk that liabilities at
76、 Westinghouse may exceed our estimates and the discovery of unknown or undisclosed liabilities the risk that occupational health and safety issues may arise at Westinghouses operations the risk that there may be disputes between us and Brookfield Renewable Partners(Brookfield)regarding our strategic
77、 partnership,or disputes between us and any of our other joint venture partners the risk that we may default under the governance agreement with Brookfield,including us losing some or all of our interest in Westinghouse Material assumptions our expectations regarding sales and purchase volumes and p
78、rices for uranium and fuel services,cost of sales,trade restrictions,inflation and that counterparties to our sales and purchase agreements will honour their commitments our expectations for the nuclear industry,including its growth profile,market conditions,geopolitical issues and the demand for an
79、d supply of uranium the continuing pursuit of carbon reduction strategies by governments and the role of nuclear in the pursuit of those strategies the assumptions discussed under the heading 2025 Financial Outlook our expectations regarding spot prices and realized prices for uranium,and other fact
80、ors discussed under the heading Price sensitivity analysis:uranium segment Westinghouses ability to generate cash flow and fund its approved annual operating budget and make distributions to the partners our ability to compete for additional business opportunities so as to generate additional revenu
81、e for us as a result of our investment in Westinghouse market conditions and other factors upon which we based our investment in Westinghouse and our related forecasts will be as expected the success of our plans and strategies relating to our investment in Westinghouse and our other joint venture i
82、nvestments that the construction of new nuclear power plants and the relicensing of existing nuclear power plants will not be more adversely affected than expected by changes in regulation or in the public perception of the safety of nuclear power plants our ability to continue to supply our product
83、s and services in the expected quantities and at the expected times our expected production levels for Cigar Lake,McArthur River/Key Lake,JV Inkai and our fuel services operating sites our cost expectations,including production costs,operating costs,and capital costs our expectations regarding tax p
84、ayments,tax rates,tariffs,royalty rates,currency exchange rates and interest rates our entitlement to and ability to receive expected refunds and payments from CRA 6 CAMECO CORPORATION in our dispute with CRA,that courts will reach consistent decisions for other tax years that are based upon similar
85、 positions and arguments that CRA will not successfully advance different positions and arguments that may lead to different outcomes for other tax years our expectation that we will recover all or substantially all of the amounts paid or secured in respect of the CRA dispute to date our decommissio
86、ning and reclamation estimates,including the assumptions upon which they are based,are reliable our mineral reserve and resource estimates,and the assumptions upon which they are based,are reliable our understanding of the geological,hydrological and other conditions at our uranium properties our Ci
87、gar Lake and McArthur River development,mining and production plans succeed our Key Lake mill production plan succeeds the McClean Lake mill is able to process Cigar Lake ore as expected our production plans for our fuel services segment succeed JV Inkais development,mining and production plans succ
88、eed,and that JV Inkai will be able to transport and deliver its production the ability of JV Inkai to pay dividends,or the timing of their payments that care and maintenance costs will be as expected our and our contractors ability to comply with current and future environmental,safety and other reg
89、ulatory requirements,and to obtain and maintain required regulatory approvals that we will be successful in our efforts to renew our operating licence for Crow Butte assumptions regarding our expected cash flow our operations and those of our joint venture investments are not significantly disrupted
90、 as a result of political instability,sanctions,nationalization,developments in US foreign policy,terrorism,sabotage,blockades,civil unrest,breakdown,natural disasters,outbreak of illness(such as a pandemic),governmental or political actions,litigation or arbitration proceedings,the unavailability o
91、f reagents,equipment,operating parts and supplies critical to production,labour shortages,labour relations issues,strikes or lockouts,underground floods,cave-ins,ground movements,tailings dam failure,lack of tailings capacity,transportation disruptions or accidents,aging infrastructure or other deve
92、lopment or operating risks that no major accident at a nuclear power plant will occur nuclear power and uranium demand,supply,consumption,long-term contracting,growth in the demand for and global public acceptance of nuclear energy,and prices Westinghouses production,purchases,sales,deliveries,and c
93、osts the assumptions and discussion set out under the heading Westinghouse Electric Company Future Prospects the market conditions and other factors upon which we have based Westinghouses future plans and forecasts Westinghouses ability to mitigate adverse consequences of delays in production and co
94、nstruction the success of Westinghouses plans and strategies the absence of new and adverse laws,government regulations,policies or decisions in any country where such developments would affect us,including with respect to changes in mining laws or regulations that there will not be any significant
95、adverse consequences to Westinghouses business resulting from business disruptions,including those relating to supply disruptions,economic or political uncertainty and volatility,labour relation issues,and operating risks Westinghouses ability to announce future financial results when expected Westi
96、nghouse will comply with the covenants in its credit agreements Westinghouse will comply with nuclear licence and quality assurance requirements at its facilities Westinghouse maintaining protections against liability for nuclear damage,including continuation of global nuclear liability regimes and
97、indemnities that known and unknown liabilities at Westinghouse will not materially exceed our estimates the absence of disputes between us and Brookfield or any of our other joint venture partners regarding our strategic partnership or joint venture arrangements,and that we do not default under the
98、governance agreement with Brookfield or any other joint venture agreement to which we are a party This page is intentionally left blank.10 CAMECO CORPORATION Market overview and developments A market in transition In 2024,geopolitical uncertainty and heightened concerns about energy security,nationa
99、l security,and climate change continued to improve the demand and supply fundamentals for the nuclear power industry and the fuel cycle that is required to support it.Increasingly,countries and companies around the globe are recognizing the critical role nuclear power must play in providing carbon-f
100、ree and secure baseload power which was evidenced at the 29th Conference of Parties(COP29),where a total of 31 countries have now signed the declaration to triple nuclear energy capacity by 2050.This growing support has led to a rise in demand as closed reactors are returning to service,reactors are
101、 being saved from retirement,life extensions are being sought and approved for existing reactor fleets,and numerous commitments and plans are advancing for the construction of new nuclear generating capacity.In addition,there is increasing interest in small modular reactors(SMR),including smaller ve
102、rsions of existing technology and advanced technology designs,with companies in energy intensive sectors looking to nuclear to help achieve their decarbonization plans.The potential expansion of the markets and use cases for nuclear energy could add significant demand in the decades to come,with a g
103、rowing number of agreements being signed and several projects already underway.While demand for uranium and nuclear fuel continues to increase,future supply is not keeping pace.Heightened supply risk caused by growing geopolitical uncertainty,shrinking secondary supplies and a lack of investment in
104、new capacity over the past decade has motivated utilities to evaluate their near-,mid-and long-term nuclear fuel supply chains.The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to significant long-term contracting activity in recent years.In 2024,abou
105、t 119 million pounds of uranium was placed under long-term contracts by utilities.While the volume remains below replacement rate,this potentially increases the cumulative level of uncovered requirements in the future,when primary supply is expected to be limited,and secondary supply stocks have bee
106、n drawn down.Prices across the nuclear fuel cycle continued to trend higher in 2024,reaching historic highs in conversion,where spot price increased 111%and term price rose 46%compared to 2023,and in enrichment,where spot and term prices rose over 23%and 10%respectively compared to 2023.At the front
107、 end of the cycle,uranium spot prices experienced volatility and averaged$85(US)per pound for 2024,while the long-term uranium price increased 19%over the prior year,ending 2024 above$80(US)per pound.We expect continued competition to secure uranium,conversion services and enrichment services under
108、long-term contracts with proven sustainable producers and suppliers who have a diversified portfolio of assets in geopolitically attractive jurisdictions,and on terms that help ensure a reliable supply is available to satisfy demand.DURABLE DEMAND GROWTH The benefits of nuclear energy have come clea
109、rly into focus,supporting a level of durability that,we believe,has not been previously seen.The durability is being driven not only by the geopolitical realignment in energy markets but also by a global focus on achieving the net-zero carbon targets set by countries and companies around the world.G
110、eopolitical uncertainty has deepened concerns about energy security and national security,highlighting the role of energy policy in balancing three main objectives:providing a reliable and secure baseload profile;providing an affordable,levelized cost profile;and providing a clean emissions profile.
111、Net-zero carbon targets are also turning global attention to a broader triple challenge:about one-third of the global population must be lifted out of energy poverty by improving access to clean and reliable baseload electricity;approximately 80%of the current global electricity grids that run on ca
112、rbon-emitting sources of thermal power must be replaced with a carbon-free,reliable alternative;and global power grids must grow by electrifying industries,such as private and commercial transportation,and home and industrial heating,which today are largely powered with carbon-emitting sources of th
113、ermal energy.There is increasing recognition that nuclear power meets these objectives and has a key role to play in achieving energy security and decarbonization goals.The growth in demand is not just long-term and in the form of new builds,but medium-term in the form of reactor restarts and life e
114、xtensions,and near-term with early reactor retirement plans being deferred or cancelled and new markets continuing to emerge.Long-term momentum remains very supportive with the installed base of nuclear capacity and an increasing focus on large-scale new build and the development of SMRs.MANAGEMENTS
115、 DISCUSSION AND ANALYSIS 11 Demand and energy policy highlights The inaugural Nuclear Energy Summit was held in Brussels in March,jointly organized by Belgium and the International Atomic Energy Agency(IAEA)with representatives from 32 countries in attendance.The leaders backed supportive measures i
116、n areas including financing,regulatory cooperation,technological innovation and workforce training to enable the expansion of nuclear power to help address climate change and boost energy security.At the 29th annual Conference of Parties(COP29),the 2024 United Nations Climate Change Conference held
117、in Baku,Azerbaijan,six new countries were added to the declaration to triple nuclear energy capacity by 2050,bringing the total to 31.It was recognized that financing mechanisms will play a key role in meeting targets,and the increased interest and investment from some of the worlds largest and adva
118、nced technology companies could help support future nuclear deployment.The International Energy Agencys(IEA)2024 World Energy Outlook report was released in October.The projections for global electricity demand in the Stated Policies Scenario(SPS)increased 6%,or 2,200 terawatt-hours(TWh)higher in 20
119、35,driven primarily by light industrial consumption,cooling,mobility,and data centers and artificial intelligence(AI).Nuclear generation showed a modest increase in the SPS while the Net Zero Scenario(NZE)shows a 16%increase to 7,000 TWh by 2050,compared to 6,000 TWh in the previous report.In China,
120、China National Nuclear Corporation(CNNC)started construction at Zhangzhou unit 3 in early 2024,a domestically designed Hualong One(HPR1000),with plans for six more units at the site.CNNC also commenced construction at the Jinqimen nuclear project where it has plans for six HPR1000s.Additionally,Chin
121、a General Nuclear announced that Fangchenggang unit 4,an HPR1000,began loading fuel in February and began operating on April 1.Finally,in August,four new CAP1400 reactors that use Westinghouse technology were approved,bringing the total number of approved reactors in China to 16.In Japan,Onagawa uni
122、t 2 restarted in October,becoming the first boiling water reactor(BWR)to return to operation under the post-2011 Japanese Nuclear Regulatory Authority(NRA)safety regime.Additionally,Chugoku Electric Power Company successfully restarted Shimane unit 2 in December,bringing the total number of restarte
123、d reactors to 14.Finally,the NRA approved a 10-year life extension for two of Kansais reactors,Ohi units 3 and 4,from 30 years to 40 years,allowing them to operate until 2061 and 2063,respectively.In South Korea,Korea Hydro&Nuclear Power(KHNP)announced that Shin Hanul unit 2 entered commercial opera
124、tion,while units 3 and 4 are proceeding toward construction.In addition,Saeul units 3 and 4 are progressing through construction,which upon completion will mark 30 units operating in the country.KHNP also initiated the process to extend the lives of Wolsong units 2,3 and 4.In India,the Atomic Energy
125、 Commission reaffirmed the countrys plan to triple nuclear power generation by 2030 from current output of 7.5 GWe,with an additional nine reactors currently under construction and additional units planned at various sites,which could potentially include SMRs.The most recent activity has been at Raj
126、asthan unit 7,which is expected to be fully operational in early 2025,and Rajasthan unit 8 which is expected to come online in early 2026.In the Czech Republic,the government announced KHNP as the preferred bid for the construction of two additional units at the existing Dukovany nuclear site and tw
127、o at the Temelin site.Energoatom saw first concrete poured in the construction of Khmelnitski units 5 and 6.The new reactors will be the first built in Ukraine using Westinghouses AP1000 technology.Italy is moving towards a reversal of the countrys current ban on nuclear power production with plans
128、to finalize a nuclear reintroduction strategy by the end of 2027.In Poland,the government approved a plan to build an SMR based on designs from Rolls-Royce.Additionally,Polskie Elektrownie Jdrowe announced it has received a Letter of Interest for$1.5 billion(US)in potential financing from Export Dev
129、elopment Canada to support Polands AP1000 project,which aims to be the countrys first nuclear power plant.In Romania,the US Exim Bank approved a$98 million(US)loan commitment for the financing of an SMR project utilizing NuScale technology,with additional funding announcements at the G7 leaders summ
130、it,totaling up to$275 million(US).The project aims for 462 MWe of capacity at a retired coal plant in the country,with a total of six 77 MWe modules to be constructed.In Egypt,the fourth and final VVER-1200 unit at El Dabba began construction.Unit 1 is expected to begin commercial operation in 2029
131、with the remaining three to follow in the early to mid-2030s.Following a lengthy legal battle,Brazilian utility Electronuclear was successful in appealing the government ordered suspension of activity at Angra unit 3,a 1,350 MWe reactor,allowing it to continue construction.12 CAMECO CORPORATION In t
132、he US,Southern Company announced that Vogtle unit 4,a Westinghouse AP1000,moved into commercial operation,making it the second new reactor to come online in the US in over 28 years.The US Nuclear Regulatory Commission approved Dominions North Anna units 1 and 2 for an extension of their operating li
133、cences from 60 to 80 years,keeping the reactors online until the 2050s,while Vistra received approval to operate Comanche Peak units 1 and 2 for up to 60 years.Additionally,approval was received to extend Pacific Gas&Electrics two-unit Diablo Canyon plant operation until 2030,while filings have alre
134、ady been made to extend the operating lives of the units a further 20 years,until the mid-2040s.The US Department of Energy(DOE)released its Advanced Nuclear Commercial Liftoff report,outlining the need to add 200 GWe of new generating capacity in order to triple US nuclear capacity by 2050,as part
135、of their net-zero emissions target.Starting in 2030,the report calls for a 13 GWe annual increase in output for 15 years to reach 300 GWe by 2050.This increase is expected to come from extending reactor operating licences,uprating of capacity,and restarting shutdown reactors,along with new large sca
136、le and advanced reactors.The report also calls for a significant increase in capacity across the nuclear fuel supply chain and notably,a secure supply of uranium from the US,allies,and partners.The US DOE announced plans to finance$900 million(US)for deployment of light-water SMRs,with$800 million(U
137、S)of the funding for two of the first-mover teams which can include utilities,SMR producers,vendors,and other end-users.In addition,former President Biden signed the Accelerating Deployment of Versatile,Advanced Nuclear for Clean Energy(ADVANCE)Act into law,which builds on prior legislation to moder
138、nize licensing,speed up the licensing process and reduce fees,while simplifying the environmental review process.Numerous utilities made positive progress towards restarting shutdown nuclear plants in 2024.Holtec International announced their intention to restart the Palisades 800 MWe pressurized wa
139、ter reactor in Michigan,with both state and federal governments backing the effort,which would mark the first US reactor to restart after being shut down for decommissioning.Additionally,NextEra Energy announced they have initiated the regulatory process to restart the Duane Arnold plant,which could
140、 see the reactor returning to operation as early as 2028.Finally,Constellation Energy announced their$1.6 billion(US)plan to restart the 835 MWe Crane Clean Energy Center(formerly Three Mile Island Unit 1)in Pennsylvania.The restart is planned for 2028 with Microsoft agreeing to a 20-year power purc
141、hase agreement to support the investments in restarting the plant.With the rapid expansion of AI and data center demand,numerous other technology companies also made commitments to nuclear for both large scale and SMR projects.Notably,Google announced a deal with Kairos Power to buy the output from
142、at least six first-of-a-kind fluoride salt-cooled,high-temperature reactors.Additionally,Amazon and Energy Northwest announced an agreement for Amazon to fund the development of SMRs,with the right to purchase power from the first four Xe-100 units(320 MWe)and an option for Energy Northwest to build
143、 up to eight additional units(640 MWe).Finally,Sabey,a US data center developer,is working with TerraPower to explore the deployment of Natrium SMRs at current and future data center sites.In Canada,Bruce Power submitted plans for its Bruce C Project,planning to add 4.8 GWe of new generation to comp
144、lement 6.5 GWe of existing generation.In early 2025,the Ontario government announced plans for Ontario Power Group(OPG)to construct a 10 GWe nuclear plant near Port Hope.In addition,OPG is proceeding with refurbishments of Pickering Bs four units,expected to be completed by the mid-2030s and extendi
145、ng the plants operating lives by 30 years.OPG also successfully completed initial site preparation at the Darlington plant for the first of four GE-Hitachi BWRX-300 SMRs,with the nuclear portion of construction for the first unit set to start in early 2025,with planned commercial operation in 2029.W
146、estinghouse opened a new nuclear engineering hub in Kitchener,Ontario,where 50 engineers will be stationed.In addition,SaskPower,Westinghouse,and Cameco signed a Memorandum of Understanding to evaluate Saskatchewans clean energy needs involving discussions on the AP1000,AP300 and eVinci reactors.The
147、 province will be evaluating the suitability of its infrastructure for a nuclear fuel supply chain through SaskNuclear,a newly formed subsidiary of SaskPower.MANAGEMENTS DISCUSSION AND ANALYSIS 13 According to the IAEA,globally there are currently 440 operable reactors and 62 reactors under construc
148、tion.Several nations are appreciating the energy security and carbon-free energy benefits of nuclear power and have reaffirmed their commitment with plans underway to support existing reactor units and review policies to encourage more nuclear generation.Several other non-nuclear countries have emer
149、ged as candidates for new nuclear capacity.In some countries where phase-out policies have been in place,policy reversals and decisions have been made to keep reactors running,with public opinion polls showing increasing support.With a number of reactor construction projects recently approved and ma
150、ny more planned,demand for uranium continues to improve.There is growing recognition of the role nuclear must play in providing safe,affordable,carbon-free baseload electricity to achieve a low-carbon economy,with geopolitical uncertainty causing some utilities to move away from Russian energy suppl
151、ies and seek nuclear fuel suppliers whose values are aligned with their own,or whose origin of supply better protects them from potential interruptions.SUPPLY UNCERTAINTY Geopolitical uncertainty,energy security,and national security remained the most notable factors impacting security of supply in
152、2024.Driven by the Russian invasion of Ukraine,the mine suspension in Niger,and supply chain challenges,particularly in Kazakhstan,many governments and utilities are re-examining procurement strategies that rely on nuclear fuel supplies from these jurisdictions.In addition,sanctions on Russia and im
153、port/export restrictions added to the delivery risks for nuclear fuel supplies coming out of Central Asia.Several uranium projects restarted in 2024 in support of increased demand,though delays and higher-than-expected production costs were a common theme.Despite the positive price trend in 2024,the
154、 deepening geopolitical uncertainty,sanctions and trade policy restrictions,and years of underinvestment in new uranium and fuel cycle service capacities has shifted risk from producers to utilities.28107643220 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30ChinaAsia
155、IndiaAfrica&Middle EastRussiaEastern EuropeAmericasUKNumber of reactorsSource:IAEACURRENTLY UNDER CONSTRUCTION4514474434394394400100200300400201920202021202220232024Number of reactorsSource:IAEAWORLD OPERABLE REACTOR COUNT 14 CAMECO CORPORATION Supply and trade policy highlights The Prohibiting Russ
156、ian Uranium Imports Act(H.R.1042)went into effect in August with the intent to prohibit the imports of Russian low-enriched uranium(LEU)into the US until 2040.It contains a US DOE waiver process available until 2028,where utilities can apply through a public process for an exception to the import ba
157、n in situations concerning energy and national security.In November,the Russian government issued a decree to immediately limit the export of LEU to the US,which was meant to be symmetrical to the trade actions taken by the US earlier in the year.This resulted in two ships departing from St.Petersbu
158、rg to Baltimore without any of their intended enriched uranium product cargo onboard.The DOE approved funding of up to$2.7 billion(US)to support domestic production of LEU and high-assay low-enriched uranium(HALEU)by creating a guaranteed buyer of US-produced nuclear fuel to restore US nuclear fuel
159、production capabilities.Initial awards were granted for HALEU in October and LEU in December.In January 2025,Kazatomprom(KAP)announced that 2024 production increased 10%from the prior year to 60.5 million pounds U3O8.No update was provided on 2025 production guidance beyond its previous announcement
160、 from August 2024,where it lowered its 2025 guidance range to 65 million to 68.9 million pounds U3O8(previously 79.3 million to 81.9 million pounds U3O8),citing project delays and continued sulfuric acid shortages.A significant portion of the reduced 2025 guidance resulted from production delays at
161、Appak LLP,as well as JV Budenovskoye LLP.Additionally,KAP reduced production guidance for JV KATCO LLP below annual production capacity until at least 2026.In July,the government of Kazakhstan introduced amendments to the Tax Code of the Republic of Kazakhstan which involved changes to the Mineral E
162、xtraction Tax(MET)rate for uranium.The MET rate will increase from 6%in 2024,to 9%in 2025,with the introduction of a progressive system based on actual annual production volumes under each subsoil use agreement,starting in 2026,where the highest rate is 18%for operations producing over 10.4 million
163、pounds.An additional MET of up to 2.5%based on the spot market price of uranium,will also be added in 2026.The MET is incurred and paid by the mining entities,impacting both KAP and different JVs and subsidiaries.In October,Orano announced plans to temporarily suspend operations at their SOMAIR mine
164、 in Niger due to growing financial difficulties resulting from the coup dtat in July 2023 and the subsequent closure of the main supply and export route in Niger.Orano confirmed in December that the Nigerien authorities have taken operational control of the project,resulting from escalating conflict
165、s between the company and the countrys ruling military junta.Earlier in the year,Orano also reported that the Nigerien government revoked their operating permit for their undeveloped Imouraren deposit.Further in the region,GoviEx Uranium Inc.(GoviEx)was informed by the Nigerien government that they
166、no longer have rights over the perimeter of the Madaouela mining permit.In December,both Orano and GoviEx initiated arbitration proceedings against the Republic of Niger for the Imouraren and Madaouela projects respectively.In March,Paladin Energy Ltd.(Paladin)announced the restart of its Langer Hei
167、nrich mine in Namibia which has an annual production capacity of 5.2 million pounds U3O8 and had been in care and maintenance since 2018.In November,Paladin updated their 2025 production guidance from 4.0-4.5 million pounds U3O8 to 3.0-3.6 million pounds U3O8 due to ongoing challenges and operationa
168、l variability in ramping up production.In 2024,several other uranium projects also restarted production including Boss Energys Honeymoon ISR project in Australia,Uranium Energy Corp.s Christensen Ranch ISR operations in Wyoming,enCore Energys Alta Mesa Uranium Central Processing Plant and Wellfield
169、in Texas,and Peninsula Energy Ltd.s Lance ISR project in Wyoming.In June,Terrafame also reported it officially started recovering natural uranium at its industrial site in Sotkamo,Finland.Sprott Physical Uranium Trust(SPUT)purchased about three million pounds U3O8 in 2024,bringing total purchases si
170、nce inception to nearly 48 million pounds U3O8,and a total physical position of 66.2 million pounds U3O8.Volatility in the equity market impacts SPUTs ability to raise funds to purchase uranium based on its share price trading at a discount or a premium to the net asset value(NAV)of the uranium it h
171、olds;in 2024 SPUT was at a discount to NAV for most of the year,negatively impacting its ability to buy uranium.Following 2023 announcements from both Urenco and Orano to proceed with enrichment capacity expansion projects,2024 saw advancements with the first new centrifuges being installed at Urenc
172、o USA and Orano starting construction at its Georges Besse II(GBII)expansion in France.A total capacity expansion of 1.8 million separative work units(SWU)is planned across three Urenco facilities including in Germany and the Netherlands,which represents a 10%capacity increase,whereas Orano seeks to
173、 grow GBIIs enrichment capacity by approximately 2.5 million SWU annually,a 30%increase.MANAGEMENTS DISCUSSION AND ANALYSIS 15 Long-term contracting creates full-cycle value for proven productive assets Like other commodities,the demand for uranium is cyclical.However,unlike other commodities,uraniu
174、m is not traded in meaningful quantities on a commodity exchange.The uranium market is principally based on bilaterally negotiated long-term contracts covering the annual run-rate requirements of nuclear power plants,with a small spot market to serve discretionary demand.History demonstrates that in
175、 general,when prices are rising and high,uranium is perceived as scarce,and more contracting activity takes place with proven and reliable suppliers.The higher demand discovered during this contracting cycle drives investment in higher-cost sources of production,which due to lengthy development time
176、lines,tend to miss the contracting cycle and ramp up after demand has already been won by proven producers.When prices are declining and low,there is no perceived urgency to contract,and contracting activity and investment in new supply dramatically decreases.After years of low prices,and a lack of
177、investment in supply,and as the uncommitted material available in the spot market begins to thin,security-of-supply tends to overtake price concerns.Utilities typically re-enter the long-term contracting market to ensure they have a reliable future supply of uranium to run their reactors.UxC reports
178、 that over the last five years approximately 534 million pounds U3O8 equivalent have been locked-up in the long-term market,while approximately 798 million pounds U3O8 equivalent have been consumed in reactors.We remain confident that utilities have a growing gap to fill.We believe the current backl
179、og of long-term contracting presents a substantial opportunity for proven and reliable suppliers with tier-one productive capacity and a record of honoring supply commitments.As a low-cost producer,we manage our operations to increase value throughout these price cycles.In our industry,customers do
180、not come to the market right before they need to load nuclear fuel into their reactors.To operate a reactor that could run for more than 60 years,natural uranium and the downstream services have to be purchased years in advance,allowing time for a number of processing steps before a finished fuel bu
181、ndle arrives at the power plant.At present,we believe there is a significant amount of uranium that needs to be contracted to keep reactors running into the next decade.$0.00$20.00$40.00$60.00$80.00$100.00$120.000501001502002503002004200520062007200820092010201120122013201420152016201720182019202020
182、21202220232024Price in US$/lb U3O8Volume in million lbs U3O8Source:UxC estimatesURANIUM CONTRACTING VOLUMES AND PRICE HISTORY Spot marketLong-term marketAverage Spot Price05010015020025020242025202620272028202920302031203220332034203520362037203820392040million lbs U3O8Source:UxC estimates-December
183、31,2024UTILITY UNCOVERED REQUIREMENTS(2024-2040)US UtilitiesNon-US Utilities 16 CAMECO CORPORATION UxC estimates that cumulative uncovered requirements are about 2.1 billion pounds to the end of 2040.With the lack of investment over the past decade,there is growing uncertainty about where uranium wi
184、ll come from to satisfy growing demand,and utilities are becoming increasingly concerned about the availability of material to meet their long-term needs.In addition,secondary supplies have diminished,and the material available in the spot market has thinned as producers and financial funds continue
185、 to purchase material.Furthermore,geopolitical uncertainty is causing some utilities to seek nuclear fuel suppliers whose values are aligned with their own or whose origin of supply better protects them from potential interruptions,including from transportation challenges or the possible imposition
186、of formal sanctions.We will continue to take the actions we believe are necessary to position the company for long-term success.Therefore,we will continue to align our production decisions with our customers needs under our contract portfolio.We will undertake contracting activity which is intended
187、to ensure we have adequate protection while maintaining exposure to the benefits that come from having uncommitted,low-cost supply to place into a strengthening market.MANAGEMENTS DISCUSSION AND ANALYSIS 17 2024 performance highlights In 2024,we revised our calculation of adjusted net earnings to ad
188、just for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance.We have restated comparative periods to reflect this change.See non-IFRS measures starting on page 65 for more information.Financial perf
189、ormance HIGHLIGHTS DECEMBER 31($MILLIONS EXCEPT WHERE INDICATED)2024 2023 CHANGE Revenue 3,136 2,588 21%Gross profit 783 562 39%Net earnings attributable to equity holders 172 361(52)%$per common share(diluted)0.39 0.83(52)%Adjusted net earnings(non-IFRS,see page 65)292 383(24)%$per common share(adj
190、usted and diluted)0.67 0.88(24)%Adjusted EBITDA(non-IFRS,see page 65)1,531 884 73%Cash provided by operations 905 688 32%Net earnings attributable to equity holders(net earnings)and adjusted net earnings were lower in 2024 compared to 2023 primarily due to the impact of purchase accounting on the fu
191、ll year results of Westinghouse.As a result,we believe adjusted EBITDA is a better measure to assess our operating performance.See 2024 consolidated financial results beginning on page 38 for more information.Of note,we:increased adjusted EBITDA by 73%as a result of improving results in our uranium
192、segment due to the return to our tier-one production levels,as well as full year results from Westinghouse,our share of its adjusted EBITDA being$483 million for 2024.See non-IFRS measures starting on page 65 for more information.generated$905 million in cash from operations received a cash dividend
193、 of$129 million(US),net of withholdings,from JV Inkai received$49 million(US)in February 2025,which represents our share of a$100 million(US)distribution paid by Westinghouse successfully refinanced$500 million in unsecured debentures that matured in 2024.The refinanced debt now matures in 2031 with
194、 credit spreads reflective of a higher credit rating than we currently have been assigned prioritized repayment of$400 million(US)of the$600 million(US)term loan utilized to finance the acquisition of Westinghouse,reducing total debt to$1.3 billion.The remaining$200 million(US)was repaid in January
195、2025,extinguishing the term loan.See Liquidity starting on page 50 for more information.increased our annual dividend to$0.16 per common share in 2024,with a plan to increase the dividend to at least$0.24 per common share over time.See Return for more details.Our segment updates and other fuel cycle
196、 investment updates In our uranium segment,we continued to execute our strategy,further ramping up our tier-one assets which had a positive impact on our operations.Of note in 2024,we:delivered 33.6 million pounds of uranium in alignment with the commitments under our contract portfolio produced 16.
197、9 million pounds(100%basis)at Cigar Lake.Production did not meet our expectations due to a lower production rate at Oranos McClean Lake mill.produced 20.3 million pounds(100%basis)at McArthur River/Key Lake,setting a new production record for a uranium mining operation anywhere in the world,due in l
198、arge part to off-cycle investments in automation,digitization and optimization projects at Key Lake.purchased 11.0 million pounds of uranium,including our spot purchases and committed purchase volumes(including JV Inkai purchases)received the final 1.2 million pounds of our share of JV Inkais 2023 p
199、roduction,as well as 2.7 million pounds of our total share of JV Inkais 2024 production.The remainder of our share of 2024 production,about 0.9 million pounds,is being 18 CAMECO CORPORATION stored at JV Inkai for future delivery in order to optimize transportation and delivery costs.The timing of fu
200、ture deliveries is uncertain.maintained Rabbit Lake and US ISR operations in care and maintenance In 2024,in our fuel services segment,we:delivered 12.1 million kgU under contract produced 13.5 million kgU,including 10.8 million kgU of UF6 See Operations and projects beginning on page 73 for more in
201、formation.HIGHLIGHTS 2024 2023 CHANGE Uranium Production volume(million lbs)23.4 17.6 33%Sales volume(million lbs)33.6 32.0 5%Average realized price1($US/lb)58.34 49.76 17%($Cdn/lb)79.70 67.31 18%Revenue($millions)2,677 2,153 24%Gross profit($millions)681 445 53%Earnings before income taxes 904 606
202、49%Adjusted EBITDA(non-IFRS,see page 65)1,179 835 41%Fuel services Production volume(million kgU)13.5 13.3 2%Sales volume(million kgU)12.1 12.0 1%Average realized price 2($Cdn/kgU)37.87 35.61 6%Revenue($millions)459 426 8%Earnings before income taxes 108 129(16)%Adjusted EBITDA(non-IFRS,see page 65)
203、145 164(12)%Westinghouse3 Revenue($millions)2,892 521 100%(our share)Net loss (218)(24)100%Adjusted EBITDA(non-IFRS,see page 65)483 101 100%1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate,transportation and storage fees divided by the volume of uranium
204、 concentrates sold.2 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services,including fuel bundles and reactor components,transportation and storage fees divided by the volumes sold.3 This table includes comparative results for the period b
205、eginning on the date of acquisition until the end of 2023 It was another positive year for the nuclear energy industry.Demand for nuclear power,including support for existing reactors,continues to grow,with a focus on energy security and national security amid continued global geopolitical uncertain
206、ty.We believe nuclear energy is in durable growth mode,and as we see the growth translate into contracts,we too will be back in durable growth mode.This growth will be sought in the same manner as we approach all aspects of our business;strategic,deliberate,disciplined and responsible and with a foc
207、us on generating full-cycle value.Strong fourth quarter results in the uranium and Westinghouse segments provided a boost to annual results,as expected.Net earnings were$135 million for the quarter and$172 million for the year compared to$80 million for the quarter and$361 for the year in 2023,while
208、 adjusted net earnings were$157 million for the quarter and$292 million for the year compared to$108 million for the quarter and$383 million for the year in 2023.The 2024 annual results were lower compared to 2023 primarily due to the impact of purchase accounting on the full year results of Westing
209、house.We use adjusted EBITDA to assess our operational performance.Full year adjusted EBITDA increased by approximately$647 million to$1.5 billion compared to$884 million in 2023 mainly due to the contributions from the uranium segment,reflective of a return to our tier-one production levels and an
210、improving price environment,as well as the benefit from a full year of our Westinghouse investment,which was acquired in November 2023.In our uranium segment,despite muted contracting volumes for the industry as utilities focused first on securing enrichment and conversion,we continued to negotiate
211、off-market contracts and add to our long-term portfolio.After delivering our 2024 MANAGEMENTS DISCUSSION AND ANALYSIS 19 sales,the long-term portfolio now totals about 220 million pounds,representing about 25%of our current reserve and resource base and retaining exposure to the improving demand fro
212、m our customers as they look to secure their long-term needs.We continue to have a large and growing pipeline of uranium business under discussion.Our focus remains on obtaining market-related pricing mechanisms that benefit from a constructive price environment,while also providing adequate downsid
213、e protection.We are being strategically patient in our discussions to maximize value in our contract portfolio and to maintain exposure to higher prices with unencumbered future productive capacity.In addition,with strong demand and pricing at historic highs in the UF6 conversion market,we were succ
214、essful in adding new long-term contracts that bring our total contracted volumes to about 85 million kgU of UF6 that will underpin our fuel services operations for years to come.Cameco has more than 35 years of experience in this market,and we have designed our strategy of full-cycle value capture t
215、o be resilient.Given the nature of our contracts,we have good visibility into when and where we need to deliver material,and we have put in place a number of tools that allow us to self-manage risk.We have built a strong reputation as a proven and reliable supplier,with a diversified production port
216、folio that provides us with the flexibility to work with our customers to ensure they maintain access to our reliable supplies to satisfy their ongoing fuel requirements.In addition to our production,we can source material from market purchases today,and while these purchases would be more expensive
217、 than our production,our strategy positions us to benefit from added demand for nuclear fuel supplies and services.We have exposure to higher prices under the market-related contracts in our long-term portfolio and a pipeline of contracting discussions underway,which we expect will also benefit from
218、 the increased focus on securing access to scarce supplies and generate long-term value for Cameco.Also,we do not have to buy every pound in the spot market.We can source from inventory,to be replaced by production or purchases later.Further,we have the ability to pull forward long-term purchase arr
219、angements that we put in place in a much lower-price environment,and with licensed storage facilities,we have secured the ability to borrow product under the terms of some of our storage agreements.See Managing our Contract Commitments on page 27 for more information on our sourcing options.The tail
220、winds that are expected to benefit our core uranium and fuel services businesses are also presenting significant future growth opportunities for Westinghouse,which we own with our partner Brookfield Renewable Partners(Brookfield)(Camecos share is 49%).In 2024,we saw the continued advancement of AP10
221、00 new build opportunities in Poland,Bulgaria,Ukraine and Slovenia.In early 2025,Westinghouse also announced a settlement agreement in its technology and export dispute with Korea Electric Power Corporation and Korea Hydro&Nuclear Power Co.,Ltd.(KEPCO and KHNP),which resolves the dispute and establi
222、shes a framework for additional deployments outside of South Korea,to the mutual and material benefit of Westinghouse,KEPCO and KHNP.See Westinghouse Electric Company starting on page 98 for more information.Thanks to our disciplined strategy,our balance sheet is strong,and we expect it will enable
223、us to continue executing our strategy while self-managing risk,including risks related to global macro-economic uncertainty and volatility,and uncertain trade policy decisions.As of December 31,2024,we had$600 million in cash and cash equivalents with$1.3 billion in total debt.In addition,we have a$
224、1.0 billion undrawn credit facility.In the current environment,we believe the risk to uranium supply is greater than the risk to uranium demand and expect it will create a renewed focus on ensuring availability of long-term supply to fuel nuclear reactors.We will continue to align our production wit
225、h our contract portfolio and market opportunities,demonstrating that we continue to responsibly manage our supply in accordance with our customers needs.We will continue to look for opportunities to improve operational effectiveness,to improve our safety performance and reduce our impact on the envi
226、ronment,including through the use of digital and automation technologies to allow us to operate our assets with more flexibility and efficiency.This is key to our ability to continue to align our production decisions with our contract portfolio commitments and opportunities.With a solid base of cont
227、racts to underpin our tier-one productive capacity,and a growing contracting pipeline we expect we will continue to generate strong financial performance.As we execute on our strategy,we will continue to focus on protecting the health and safety of our employees,delivering our products safely and re
228、sponsibly and addressing the risks and opportunities that we believe will make our business sustainable and will build long-term value.20 CAMECO CORPORATION Industry prices 2024 2023 CHANGE Uranium($US/lb U3O8)1 Average annual spot market price 85.14 62.51 36%Average annual long-term price 78.88 58.
229、20 36%Fuel services($US/kgU as UF6)1 Average annual spot market price North America 68.29 41.23 66%Europe 68.21 41.23 65%Average annual long-term price North America 40.57 30.55 33%Europe 40.47 30.55 32%Note:the industry does not publish UO2 prices.1 Average of prices reported by TradeTech and UxC,L
230、LC(UxC)On the spot market,where purchases call for delivery within one year,the volume reported by UxC for 2024 decreased to 46 million pounds U3O8 equivalent,compared to 57 million pounds U3O8 equivalent in 2023.In 2024,total spot purchases by producers,junior uranium companies,financial funds and
231、intermediaries was approximately 40 million pounds U3O8 equivalent,compared to approximately 43 million pounds U3O8 equivalent in 2023;in 2024,these purchases represented over 85%of spot market purchases compared to over 76%in 2023.In 2024,the uranium spot price ranged from a month-end high of$100.2
232、5(US)per pound to a month-end low of$72.63(US),averaging$85.14(US)for the year.This average was up$22.63(US)per pound,or 36%,compared to the 2023 average.Long-term contracts generally call for deliveries to begin more than two years after the contract is finalized,and use a number of pricing formula
233、s,including base-escalated prices set at time of contracting and escalated over the term of the contract,and market referenced prices(spot and long-term indicators)determined near the time of delivery,which also often include floor prices and ceiling prices that are also escalated to time of deliver
234、y.The volume of long-term contracting reported by UxC for 2024 was about 119 million pounds U3O8 equivalent,down from about 161 million pounds U3O8 equivalent in 2023.The contracting volume in 2023 was higher due to significant non-US utilities diversifying away from Russian supply,including our con
235、tracts with Ukraine and Bulgaria,one of which totaled over 40 million pounds.The lower long-term uranium volumes reported in 2024 can be attributed in part to US utilities awaiting clarity on implementation of the Russian uranium import ban,the US waiver process,and Russian export restraints,althoug
236、h requests for proposals from utilities are continuing alongside requests for direct off-market negotiations.The average reported long-term price at the end of the year was$80.50(US)per pound,up$12.50(US)from the end of 2023.During the year,the uranium long-term price steadily increased from a month
237、-end low of$72.00(US)per pound in January to a high of$81.50(US)per pound in November,averaging$78.88(US)for the year.With increased demand for western conversion services,pricing in both North America and Europe continues to be strong.At the end of 2024,the average reported spot price for North Ame
238、rican delivery reached a record high of$97.00(US)per kilogram uranium as UF6(US/kgU as UF6),up$51.00(US)from the end of 2023.Long-term UF6 conversion prices for North American delivery also reached a record high and finished 2024 at$50.00(US/kgU as UF6),up$15.75(US)from the end of 2023.MANAGEMENTS D
239、ISCUSSION AND ANALYSIS 21$0$20$40$60$80$100$1202018201920202021202220232024Source:Average of prices reported from TradeTech and UxCURANIUM(US$/lb U3O8)AND CONVERSION(US$/kgU UF6)PRICESSpot uranium priceLong-term uranium priceSpot conversion price(North America)Long-term conversion price(North Americ
240、a)22 CAMECO CORPORATION Our values and strategy We believe we have the right strategy to add long-term value and we will do so in a manner that reflects our values.For over 35 years,we have been delivering our products responsibly.Building on that strong foundation,we remain committed to our efforts
241、 to operate in a responsible and sustainable manner,identifying and addressing the risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders.Committed to our values Our values are discussed below.They define who we are as a compa
242、ny,are at the core of everything we do,and help to embed sustainability principles and practices as we execute on our strategy.They are:safety and environment people integrity excellence SAFETY AND ENVIRONMENT The safety of people and protection of the environment are the foundations of our work.All
243、 of us share in the responsibility of continually improving the safety of our workplace and the quality of our environment.We are committed to keeping people safe and conducting our business with respect and care for both the local and global environment.PEOPLE We value the contribution of every emp
244、loyee,and we treat people fairly by demonstrating our respect for individual dignity,creativity and cultural diversity.By being open and honest,we achieve the strong relationships we seek.We are committed to developing and supporting a flexible,skilled,stable and diverse workforce,in an environment
245、that:attracts and retains talented people and inspires them to be fully productive and engaged encourages relationships that build the trust,credibility and support we need to grow our business INTEGRITY Through personal and professional integrity,we lead by example,earn trust,honour our commitments
246、 and conduct our business ethically.We are committed to acting with integrity in every area of our business,wherever we operate.EXCELLENCE We pursue excellence in all that we do.Through leadership,collaboration and innovation,we strive to achieve our full potential and inspire others to reach theirs
247、.Our strategy We are a pure-play investment in the growing demand for nuclear energy,focused on taking advantage of the near-,medium-,and long-term growth occurring in our industry.We provide nuclear fuel and nuclear power products,services,and technologies across the fuel cycle,complemented by our
248、investment in Westinghouse,that support the generation of secure,carbon-free,reliable,and affordable energy.Our strategy is set within the context of what we believe is a transitioning market environment.Increasing populations,a growing focus on electrification and decarbonization,and concerns about
249、 energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050,which is expected to durably strengthen the long-term fundamentals for our industry.Nuclear energy must be a central part of the solution to the worlds shift to a low-carbon,secure energy economy
250、.It is an option that can provide the power needed,not only reliably,but also safely and affordably,and in a way that will help achieve climate,energy and national security objectives.Our strategy is to capture full-cycle value by:remaining disciplined in our contracting activity,building a balanced
251、 portfolio in accordance with our contracting framework MANAGEMENTS DISCUSSION AND ANALYSIS 23 profitably producing from our tier-one assets and aligning our production decisions in all segments of the fuel cycle with contracted demand and customer needs being financially disciplined to allow us to:
252、o execute our strategy o invest in new opportunities that are expected to add long-term value o to self-manage risk exploring other emerging opportunities within the nuclear power value chain,which align with our commitment to manage our business responsibly and sustainably,contribute to decarboniza
253、tion,and help to provide secure and affordable energy We expect our strategy will allow us to increase long-term value,and we will execute it with an emphasis on safety,people and the environment.URANIUM Uranium production is central to our strategy,as it is the biggest value driver of the nuclear f
254、uel cycle and our business.We have tier-one assets that are licensed,permitted,long-lived,and are proven reliable with capacity to expand.These tier-one assets are backed up by idle tier-two assets and what we think is the best exploration portfolio of mineral reserves and resources that in some cas
255、es can leverage our existing infrastructure.Currently,we believe that we have ample productive capacity with the ability to expand as the demand for nuclear energy and nuclear fuel grows.We are focused on protecting and extending the value of our contract portfolio,on aligning our production decisio
256、ns with our contract portfolio and market opportunities thereby optimizing the value of our lowest cost assets.We also prioritize maintaining a strong balance sheet,and on efficiently managing the company.We have undertaken a number of deliberate and disciplined actions,including a focus on operatio
257、nal effectiveness to allow us to operate our assets more efficiently and with more flexibility.FUEL SERVICES Our fuel services segment supports our strategy to capture full-cycle value by providing our customers with access to refining and conversion services for both heavy-water and light-water rea
258、ctors,and CANDU fuel and reactor component manufacturing for heavy-water reactors.As in our uranium segment,we are focused on securing new long-term contracts and on aligning our production decisions with our contract portfolio that will allow us to continue to profitably produce and consistently su
259、pport the long-term needs of our customers.In addition,we are pursuing non-traditional markets for our UO2 and fuel fabrication business and have been actively securing new contracts for reactor components to support refurbishment of Canadian reactors.WESTINGHOUSE In 2023,we completed the acquisitio
260、n of Westinghouse,a global provider of missioncritical and specialized technologies,products and services for light-water reactors across most phases of the nuclear power sector,in a strategic partnership with Brookfield.We own a 49%interest in Westinghouse.We are enhancing our ability to compete fo
261、r more business by investing in additional nuclear fuel cycle assets that we expect will augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle.Like Cameco,Westinghouse has nuclear assets that are strategic,proven,licensed and permitted,and that are
262、in geopolitically attractive jurisdictions.We expect these assets,like ours,will participate in the growing demand profile for nuclear energy.Westinghouse has a stable and predictable core business generating durable cash flows.Like Cameco,Westinghouse has a long-term contract portfolio,which we bel
263、ieve positions it well to compete for growing demand for new nuclear reactors and reactor services,as well as the fuel supplies and services needed to keep the global reactor fleet operating safely and reliably.This strong base of business also helps protect Westinghouse from macro-economic headwind
264、s as utility customers run their critical nuclear power plants.Its durable and growing business is expected to allow Westinghouse to self-fund its approved annual operating budget,to service its annual financial obligations from de-risked cash flows,and to pay annual distributions to its owners.See
265、Westinghouse starting on page 98 for more information.24 CAMECO CORPORATION OTHER NUCLEAR FUEL CYCLE INVESTMENTS We continually evaluate investment opportunities within the nuclear fuel value chain that align well with our commitment to add long-term value by managing our business responsibly and su
266、stainably,and allow us to contribute to energy security solutions.Expanding our participation in the fuel cycle is expected to complement our tier-one uranium and fuel services assets,creating new revenue opportunities,and it enhances our ability to meet the increasing needs of existing and new cust
267、omers for secure,reliable nuclear fuel supplies,services and technologies.In particular,we are interested in the second largest value driver of the fuel cycle,enrichment,and have a 49%interest in Global Laser Enrichment LLC(GLE).GLE is the exclusive licensee of the proprietary SILEX laser enrichment
268、 technology,a third-generation uranium enrichment technology.We are the commercial lead for the GLE project with an option to attain a majority interest of up to 75%ownership.See Global Laser Enrichment starting on page 106 for more information.Additionally,we have signed a number of non-binding arr
269、angements to explore several areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.We will make an investment decision when an opportunity is available at the right time and the right price.We strive to pursue corporate developm
270、ent initiatives that will leave us and our stakeholders in a fundamentally stronger position.As such,an investment opportunity is never assessed in isolation.Investments must compete for investment capital with our own internal growth opportunities.They are subject to our capital allocation process
271、described under Capital Allocation Disciplined Financial Management,starting on page 29.BUILDING A BALANCED PORTFOLIO The purpose of our contracting framework is to deliver value.Our approach is to secure a solid base of earnings and cash flow by maintaining a balanced contract portfolio that optimi
272、zes our realized price.Contracting decisions in all segments of our business need to consider the nuclear fuel market structure,the nature of our competitors,and the current market environment.The vast majority of run-rate fuel requirements are procured under long-term contracts.The spot market is t
273、hinly-traded,where certain utilities may buy small,discretionary volumes.This market structure is reflective of the baseload nature of nuclear power and the relatively small proportion of the overall operating costs the fuel represents compared to other sources of baseload electricity.Additionally,a
274、bout half of the fuel supply typically comes from state-owned entities with production volume strategies or ambitions to serve state nuclear power ambitions with low-cost fuel supplies,or from diversified mining companies that produce uranium as a by-product.We evaluate our strategy in the context o
275、f our market environment and continue to adjust our actions in accordance with our contracting framework:First,we build a long-term contract portfolio by layering in volumes over time.In addition to our committed sales,we will compete for customer demand in the market where we think we can obtain va
276、lue and,in general,as part of longer-term contracts.We will take advantage of opportunities the market provides,where it makes sense from an economic,logistical,diversification and strategic point of view.Those opportunities may come in the form of spot,mid-term or long-term demand,and will be addit
277、ive to our current committed sales.Based on our portfolio of long-term contracts,we decide how to best source material to satisfy that demand,planning our production in accordance with our contract portfolio and other available sources of supply.We will not produce from our tier-one assets to sell i
278、nto an oversupplied spot market.We do not intend to build an inventory of excess uranium.Excess inventory serves to contribute to the sense that uranium is abundant and creates an overhang on the market,and it ties up working capital on our balance sheet.Depending on the timing and volume of our pro
279、duction,purchase commitments,and our inventory volumes,we may be active buyers in the market in order to meet our annual delivery commitments.Historically,prior to the tier one supply curtailments that we undertook from 2016-2022,we have generally planned our annual delivery commitments to slightly
280、exceed the annual supply we expect to come from our annual production and our long-term purchase commitments and have therefore relied on the spot market to meet a small portion of our delivery commitments.In general,if we choose to purchase material to meet demand,we expect the cost of that materia
281、l will be more than offset by the volume of commitments in our sales portfolio that are exposed to market prices at the time of delivery over the long-term.In addition to this framework,our contracting decisions always factor in who the customer is,our desire for regional diversification,the product
282、 form,and logistical factors.MANAGEMENTS DISCUSSION AND ANALYSIS 25 Ultimately,our goal is to protect and extend the value of our contract portfolio on terms that recognize the value of our assets,including future development projects,and pricing mechanisms that provide adequate protection when pric
283、es go down and exposure to rising prices.We believe using this framework will allow us to create long-term value.Our focus will continue to be on ensuring we have the financial capacity to execute on our strategy and self-manage risk.LONG-TERM CONTRACTING Uranium is not traded in meaningful quantiti
284、es on a commodity exchange.Utilities have historically bought the majority of their uranium and fuel services products under long-term contracts that are bilaterally negotiated with suppliers.The spot market is discretionary and typically used for one-time volumes,not to satisfy annual demand.We sel
285、l uranium and fuel products and services directly to nuclear utilities around the world as uranium concentrates,UO2 and UF6,conversion services,or fuel fabrication and reactor components for CANDU heavy water reactors.We have a solid portfolio of long-term sales contracts that reflect our reputation
286、 as a proven,reliable supplier of geographically stable supply,and the long-term relationships we have built with our customers.In general,we are active in the market when it is beneficial for us and in support of our long-term contract portfolio.We undertake activity in the spot and term markets pr
287、udently,looking at the prices and other business factors to decide whether it is appropriate to purchase or sell into the spot or term market.Not only is this activity a source of profit,but it also gives us insight into underlying market fundamentals.We deliver the majority of our uranium under lon
288、g-term contracts each year,some of which are tied to market-related pricing mechanisms quoted at time of delivery.Therefore,our net earnings and operating cash flows are generally affected by changes in the uranium price.Market prices are influenced by the fundamentals of supply and demand,market ac
289、cess and trade policy issues,geopolitical events,disruptions in planned supply and demand,and other market factors.The objectives of our contracting strategy are to:optimize realized price by balancing exposure to future market prices while providing some certainty for our future earnings and cash f
290、low focus on meeting the nuclear industrys growing annual uncovered requirements with our tier-one production establish and grow market share with strategic and regionally diverse customers We have a portfolio of long-term contracts,each bilaterally negotiated with customers,that have a mix of base-
291、escalated pricing and market-related pricing mechanisms,including provisions that provide exposure to rising market prices and also protect us when the market price is declining.This is a balanced and flexible approach that allows us to adapt to market conditions,put a floor on our average realized
292、price and deliver the best value over the long term.This approach has allowed our realized price to outperform the market during periods of weak uranium demand,and we expect it will enable us to realize increases linked to higher market prices in the future.Base-escalated contracts for uranium:use a
293、 pricing mechanism based on a term-price indicator at the time the contract is accepted and escalated to the time of each delivery over the term of the contract.Market-related contracts for uranium:are different from base-escalated contracts in that the pricing mechanism may be based on either the s
294、pot price or the long-term price,and that price is generally set a month or more prior to delivery rather than at the time the contract is accepted.These contracts may provide for discounts and typically include floor prices and/or ceiling prices,which are established at time of contract acceptance
295、and usually escalate over the term of the contract.Fuel services contracts:the majority of our fuel services contracts use a base-escalated mechanism per kgU and reflect the market at the time the contract is accepted.26 CAMECO CORPORATION OPTIMIZING OUR CONTRACT PORTFOLIO We work with our customers
296、 to optimize the value of our contract portfolio.With respect to new contracting activity,there is often a lag from when contracting discussions begin and when contracts are executed.With our large pipeline of business under negotiation in our uranium segment,and a value driven strategy,we continue
297、to be strategically patient in considering the commercial terms we are willing to accept.We layer in contracts over time,with higher commitments in the near term and declining over time in accordance with utilities growing uncovered requirements.Demand may come in the form of off-market negotiations
298、 or through on-market requests for proposals.We remain confident that we can add acceptable new sales commitments to our portfolio of long-term contracts to underpin the ongoing operation of our productive capacity and capture long-term value.Given our view that additional long-term supply will need
299、 to be incented to meet the growing demand for safe,reliable,carbon-free nuclear energy,our preference today is to sign long-term contracts with market-related pricing mechanisms.However,we believe our customers expect prices to rise and prefer to lock-in todays prices,with a fixed-price mechanism.O
300、ur goal is to balance all these factors,along with our desire for customer and regional diversification,with product form,and logistical factors to ensure we have adequate protection and will have exposure to rising market prices under our contract portfolio,while maintaining the benefits that come
301、from having low-cost supply to deliver into a strengthening market.At times,we may also look for opportunities to optimize the value of our portfolio.In cases where there is a changing policy,operating,or economic environment,including the introduction of new taxes or tariffs in certain jurisdiction
302、s,we manage risk accordingly.We have taken actions such as positioning material ahead of expected deliveries,revising our contract terms to protect us from unexpected future implementation of taxes or tariffs,and adjusting our contracts to minimize potential negative impacts while maintaining strong
303、 customer relationships,and we will continue to consider additional mitigation in the future.CONTRACT PORTFOLIO STATUS We have executed contracts to sell about 220 million pounds of U3O8 with 41 customers worldwide in our uranium segment,and about 85 million kilograms as UF6 conversion with 34 custo
304、mers worldwide in our fuel services segment.We sell uranium and fuel services products to nuclear utilities in 16 countries.Customers U3O8:Five largest customers account for 58%of commitments Asia 17%Europe 39%Americas 44%COMMITTED U3O8SALES BY REGION MANAGEMENTS DISCUSSION AND ANALYSIS 27 Customers
305、 UF6 conversion:Five largest customers account for 59%of commitments MANAGING OUR CONTRACT COMMITMENTS We allow sales volumes to vary year-to-year depending on:the level of sales commitments in our long-term contract portfolio market opportunities our sources of supply To meet our delivery commitmen
306、ts and to mitigate risk,we have access to a number of sources of supply,which includes uranium obtained from:our productive capacity purchases under our JV Inkai agreement,under long-term agreements and in the spot market our inventory in excess of our working requirements product loans OUR SUPPLY D
307、ISCIPLINE As spot is not the fundamental market,true value is built under a long-term contract portfolio and is measured over the full commodity cycle.Therefore,we align our uranium production decisions with our contract commitments and market opportunities to avoid carrying excess inventory or havi
308、ng to sell into an oversupplied spot market.In accordance with market conditions,and to mitigate risk,we evaluate the optimal mix of our production,inventory and purchases in order to satisfy our contractual commitments and in order to realize the best return over the entire commodity cycle.During a
309、 prolonged period of uncertainty,this could mean leaving our uranium in the ground.For the years 2016 through 2022,we left more than 130 million pounds of uranium in the ground(100%basis)by curtailing our production.We purchased more than 60 million pounds including spot and long-term purchases and
310、in 2018 we drew down our inventory by almost 20 million pounds.That totals over 210 million pounds(100%basis)of uranium that were not available to the market.However,today we believe the uranium market is in transition,driven by the growing demand for nuclear energy and the increasing recognition th
311、at it is essential for energy security,national security,and the clean-energy transition.As the market continues to transition,we expect to continue placing our uranium under long-term contracts and meet rising demand with production from our best margin operations.With the improvements in the marke
312、t,the new long-term contracts we have put in place,and a pipeline of contracting discussions,we plan to produce 18 million pounds(100%basis)at McArthur River/Key Lake and 18 million pounds(100%basis)at Cigar Lake in 2025.We are still in discussions with JV Inkai and KAP to determine our purchase ent
313、itlement for 2025.Our production decisions will continue to be aligned with market opportunities and our ability to secure the appropriate long-term contract homes for our unencumbered,in-ground inventory,demonstrating that we continue to responsibly manage our assets in accordance with our customer
314、s needs.Asia 5%Europe 45%Americas 50%COMMITTED UF6SALES BY REGION 28 CAMECO CORPORATION Our production plans for McArthur River/Key Lake and Cigar Lake are expected to generate strong financial performance by allowing us to source the majority of our committed sales from the lower cost produced poun
315、ds.We are investing in capital projects to help ensure the reliability and sustainability of our existing operations,and to replace aging infrastructure in order to maintain capacity at current production levels and to position us for future production flexibility,although no decision on future prod
316、uction levels has been made.In addition,with conversion demand elevated,we have been successful in securing long-term sales commitments that will support increased production at Port Hope,which is expected to further improve its contribution to our financial results.However,this is not an end to our
317、 supply discipline.Our Rabbit Lake and US ISR assets remain in a safe state of care and maintenance,and we expect to continue to adjust our production in accordance with our contract portfolio.This will remain our production plan until we see further improvements in the uranium market and contractin
318、g progress,once again demonstrating that we are a responsible fuel supplier.MANAGING OUR COSTS Production costs In order to operate efficiently and cost-effectively,we manage operating costs and improve plant reliability by prudently investing in production infrastructure,new technology,and business
319、 process improvements.Like all mining companies,our uranium segment is affected by the cost of inputs such as labour and fuel.*Production supplies include reagents,fuel and other items.Contracted services include utilities and camp costs,air charters,mining and maintenance contractors and security a
320、nd ground freight.The annual cash cost of production reflects the operating cost of mining and milling our share of the Cigar Lake,McArthur River,and Key Lake operations.The annual cost of production will reflect a combined cost of all our operating uranium assets.See 2024 financial results by segme
321、nt Uranium starting on page 57 for more information.In 2025,our cash production costs may continue to be affected by inflation,the availability of personnel with the necessary skills and experience,supply chain challenges impacting the availability of materials and reagents,and continued work to mai
322、ntain the long-term reliability of our assets.Operating costs in our fuel services segment are mainly fixed.In 2024,labour and contracted services accounted for about 53%of the total.The largest variable operating cost is for anhydrous hydrogen fluoride,followed by zirconium,and energy(natural gas a
323、nd electricity).We continue to look to adopt innovative and advanced digital and automation technologies to improve efficiency and operational flexibility and to further reduce costs.Care and maintenance costs In 2025,we expect to incur between$62 million and$67 million in care and maintenance costs
324、 related to the suspension of production at our Rabbit Lake mine and mill,and our US operations.Production at these operations is higher-cost and the timing of a restart is uncertain.We continue to evaluate our options in order to minimize these costs.Labor 35%Contracted Services 38%Production Suppl
325、ies 27%2024 URANIUM OPERATING COSTS BY CATEGORY MANAGEMENTS DISCUSSION AND ANALYSIS 29 Purchases and inventory costs Our costs are also affected by the purchases of uranium and conversion services we make under long-term contracts and on the spot market.To meet our delivery commitments,we make use o
326、f our mined production,inventories,purchases of our share of material from Inkai,purchases under long-term contracts,purchases we make on the spot market and product loans.In 2025,we expect the price for the majority of our purchases will be quoted at the time of delivery.The cost of purchased mater
327、ial may be higher or lower than our other sources of supply,depending on market conditions.The cost of purchased material affects our cost of sales,which is determined by calculating the average of all of our sources of supply,including opening inventory,production,and purchases,and adding royalties
328、,selling costs,and care and maintenance costs.Our cost of sales could be impacted if we do not achieve our annual production plan,or if we are unable to source uranium as planned,and we are required to purchase uranium at prices that differ from our cost of inventory.Potential tariff impact Currentl
329、y,the US has threatened the imposition of a 10%tariff on Canadian energy products.We have proactively taken steps to minimize the potential impact of imposed tariffs,and while we currently do not anticipate the direct impact of a 10%tariff to be material on our 2025 financial results,there continues
330、 to be uncertainty around the exact details of how these tariffs may be applied or if they will be applied to uranium products.Financial impact The growing demand for nuclear power due to its safety,carbon-free energy,reliability,security and affordability attributes has contributed to increased dem
331、and for nuclear fuel products and services.As a result,we have seen significant price increases across the nuclear fuel value chain,which reflect the need for capacity increases to satisfy the projected growth.The deliberate and disciplined actions we took to curtail production and streamline operat
332、ions over the past decade came with near-term costs like care and maintenance costs,operational readiness costs,and purchase costs higher than our production costs.However,we considered these costs as investments in our future.Today,thanks to our investments,and with our continued ability to secure
333、new long-term sales commitments,we believe we are well-positioned for growth.Our core growth is expected to come from our existing mining and fuel services assets.We do not have to build new capacity to pursue new opportunities.We believe we have sufficient productive capacity to expand,a position we have not enjoyed in previous price cycles.And,with the acquisition of a 49%interest in Westinghous
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