CAMECO CORP
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 19, 2026
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Contents
EX-99.1 · Current status of development
Current status of development
Construction of all common major underground development and process facilities required for the duration of the mine life is complete. A number of underground access drifts and production crosscuts remain to be driven as part of ongoing mine development to sustain production rates.
On surface, construction of all infrastructure associated with CLMain required to achieve nameplate capacity has been completed, while installation of infrastructure associated with CLExt remains ongoing.
Underground mine development continued in 2025. We completed development of one production crosscut in the western portion of CLMain, while starting development of one production crosscut in the eastern portion of CLMain. Development also continued for access to the CLExt orebody.
During 2025, we:
| • | produced from and continued development work in the CLMain orebody in alignment with our long-term production plan; |
| • | successfully executed a planned 28-day annual maintenance outage; |
| • | completed construction outfitting activities on one production tunnel that will support production targets in 2026; |
| • | substantially progressed physical surface work for development of the CLExt portion of the orebody initial mining zone; and |
| • | crushed concrete aggregate to support backfill operations and development activities. |
In 2026, we plan to:
| • | continue production and development activities in CLMain, as well as development to access CLExt in alignment with our long-term mine plan; and |
| • | continue earthworks and construction of surface services to support the expansion of freeze activities required for future production from CLExt. |
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