CAMECO CORP

Underground development

Underground mine development continued in 2025. We completed development of one production crosscut in the western portion of CLMain and continued development of one production crosscut in the eastern portion of CLMain. Development also continued for access to the CLExt orebody on both 480 and 500m level.

In 2026, we expect to produce 17.5 million to 18 million pounds (100% basis) at Cigar Lake; our share is approximately 9.5 to 10.0 million pounds.

In 2026, we plan to continue production and development activities in CLMain, as well as development drifts to access CLExt in alignment with our long-term mine plan. We will start freeze hole drilling and freeze hole activation for CLExt and continue earthworks and construction of surface services to support the expansion of freeze activities required for future production from CLExt.

The Cigar Lake deposit presents unique challenges that are not typical of traditional hard or soft rock mines. These challenges are the result of mining in or near high-pressure ground water in challenging ground conditions with significant radiation concerns due to the high-grade uranium and elements of concern in the orebody with respect to water quality. We take significant steps and precautions to reduce the risks. Mine designs and the mining method are selected based on their ability to mitigate hydrological, radiological, and geotechnical risks. Operational experience gained since the start of production has resulted in a significant reduction in risk. However, there is no guarantee that our efforts to mitigate risk will be successful.

In addition to the risks listed on pages 75 to 76, in 2025 we are focused on the management of the following risks: