CAMECO CORP

Code of

Ethics

.

Cameco Corporation’s code

of conduct and

ethics (the

“Code”) is applicable

to all

directors, officers

and

employees

of

Cameco

Corporation,

the

Company’s

principal

executive

officer,

principal

officer and principal

accounting officer. The Code, as

well as

Cameco Corporation’s corporate governance

and mandates

of the

and

its committees,

and position

descriptions

for the

CEO and

the non-

executive chair, can be found on Cameco Corporation’s website at www.cameco.com under “About – Governance”

and are

also available

in print

to any

shareholder

upon request.

Since the

adoption of

the Code,

there have

not

been

any

waivers,

implicit

waivers,

from

any

provision

of

the

Code.

In

2025,

Cameco

amended its previously

filed Code and

made non substantive

changes, including updates

to the document

format

as well as

updating the internal review

process. The information on

the Company’s website is

not part of

this Annual

Report on Form 40-F.

The Code was furnished to

the Commission on January

23, 2026, as Exhibit 99.14

to a report on Form

6-K and is

incorporated by reference herein as Exhibit 99.17.