CAMECO CORP

Operating and processing licences

Federally, Cigar Lake holds a “Uranium Mine Licence” from the CNSC with a corresponding Licence Conditions Handbook (LCH). Provincially, Cigar Lake holds an “Approval to Operate Pollutant Control Facilities” from the SMOE and a “Water Rights Licence to Use Surface Water and Approval to Operate Works” from the Saskatchewan Watershed Authority.

The CNSC licence expires on June 30, 2031. The SMOE approval was renewed in 2024, and the current approval now expires in 2030. The Saskatchewan Watershed Authority water rights licence was obtained in 1988, was amended in 2023 and now expires in 2028.

The current Cigar Lake LCH authorizes an annual production rate up to 18 million pounds per year, with the ability for flexible production up to 24 million pounds per year to recover production shortfalls from previous years. The CNSC licence and LCH for the McClean Lake operation, issued by the CNSC in 2017, authorizes the production of up to 24 million pounds U 3 O 8 annually. The licence and LCH were amended in 2022 to authorize the expansion of the JEB TMF.

Approvals, issued by the SMOE in 1995 pursuant to theSaskatchewan Environmental Assessment Act, for Cigar Lake were based on estimated annual production rates of 18 million pounds U 3 O 8 for CLMain and 6 million pounds U 3 O 8 for CLExt. As such, the planned annual production rate of 18 million pounds U 3 O 8 for CLExt represents a change to the approved development. Information required for approval of the production rate change, including the ability for flexible production up to 24 million pounds per year, was submitted in July 2025 with Ministerial Approval provided in September 2025.