Exhibit 99.2

Management’s discussion and analysis

for the quarter ended March 31, 2025

This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our unaudited condensed consolidated interim financial statements and notes for the quarter ended March 31, 2025 (interim financial statements). The information is based on what we knew as of April 30, 2025, and updates our annual MD&A included in our 2024 annual report.

As you review this MD&A, we encourage you to read our interim financial statements as well as our audited consolidated financial statements and notes for the year ended December 31, 2024, and annual MD&A. You can find more information about Cameco, including our audited consolidated financial statements and our most recent annual information form (AIF), on our website at cameco.com, 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 statements and notes are 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 and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

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 place, 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:

Examples of forward-looking information in this MD&A

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Material Risks

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Material Assumptions

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First quarter market update

Geopolitical uncertainty and heightened concerns about energy security, national security, and climate security continue to improve the demand fundamentals for the nuclear power industry in the face of increasing risk to the long-term fuel cycle supplies that are required to support it. In addition to providing clean and secure baseload power, both governments and the private sector are calling for a tripling of nuclear capacity by 2050, with nuclear being identified as an important energy source to underpin strong demand growth from large, energy-intensive industries, including the long-term opportunity to support potential surging clean energy demand for data centers and artificial intelligence (AI). We believe that a clean energy mix that includes nuclear is necessary for achieving the anticipated growth, transformation and sustainability objectives that these sectors require. Alongside this demand is an understanding that a sufficient supply of nuclear fuel and fuel cycle services are essential to realizing a tripling of nuclear power.

In the first quarter of 2025, the long-term uranium price held at $80 (US), remaining near its highest level since 2012 (in 2025 constant dollars), while the uranium spot price ended the quarter below $65 (US). Over the past two years, fuel buyers have continued to focus on securing their long-term requirements for downstream conversion and enrichment services amid ongoing changes to market access and global trade policies, which has resulted in higher prices across the fuel cycle. The uncertainty has delayed a return to the procurement of the uranium required to feed into those services – a return that we believe is unavoidable. A similar focus on security of supply is expected to move upstream to uranium, driven by requests for proposals from utilities and traditional demand entering the market, alongside inbound requests for direct long-term off-market negotiations. Requests for proposals from non-utility, non-traditional customers in energy intensive sectors that are examining long-term nuclear fuel supplies may also add pressure to future uranium supply.

Some of the more significant developments affecting supply in the quarter and to date include:

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According to the IAEA, globally, there are currently 440 operable reactors and 61 reactors under construction. Demand-related developments continue to evidence growing support for the nuclear industry, with 31 countries pledging to triple their nuclear power capacity by 2050. Many nations are reaffirming their commitment to existing nuclear and/or reversing policies to phase out nuclear, non-nuclear countries are emerging as candidates for new nuclear capacity, improvements are being made in global sustainable financing policies to include nuclear energy, and opinion polls indicate improving public support. With several reactors being saved from early retirement, life-extensions to existing reactors being sought and approved, and new build construction projects underway and many more planned, demand for uranium fuel continues to improve in the near-, medium- and long-term.

The more significant developments in the quarter affecting current and future demand include:

Caution about forward-looking information relating to the nuclear industry

This discussion of our expectations for the nuclear industry, including its growth profile, uranium supply and demand, and reactor growth is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2.

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Industry prices at quarter end

Note: the industry does not publish UO₂ prices.

On the spot market, where purchases call for delivery within one year, the volume reported by UxC for the first quarter of 2025 was 11 million pounds U₃O₈ equivalent, compared to 10 million pounds U₃O₈ equivalent over the same period in 2024. As of March 31, 2025, the average reported spot price was $64.23 (US) per pound U₃O₈ equivalent, a decrease of $8.40 (US) per pound from the previous quarter due to small volumes of uncommitted supply entering the near-term market, where there is little fundamental in-year demand.

Long-term contracts generally call for deliveries to begin more than two years after the contract is finalized, and use a number of pricing formulas, including base-escalated prices set at time of contracting and escalated over the term of the contract, and market-related prices, which reference spot and/or long-term indicators and are generally set a month or more prior to delivery, typically including floor prices and ceiling prices that are also escalated to time of delivery. Long-term contracting reported by UxC through the first three months to March 31, 2025, totaled about 19 million pounds U₃O₈ equivalent, down from about 29 million pounds U₃O₈ equivalent reported over the same period in 2024. So far in 2025, long-term uranium contracting has slowed due to global macro-economic uncertainty related to trade policy issues, and customers’ focus on downstream services driven by continuing geopolitical tensions.

The average reported long-term price at the end of the quarter was $80.00 (US) per pound U₃O₈ equivalent, a decrease of $0.50 (US) per pound from the previous quarter.

With increased demand for western conversion services, pricing in both North America and Europe continues to be strong. At the end of the first quarter, the average reported spot price for conversion was $81.00 (US) per kilogram uranium (kgU) as UF₆, down $16.00 (US) from the previous quarter. The average long-term UF₆ conversion prices for North America and Europe finished the quarter at $49.75 (US) per kgU as UF₆, remaining unchanged from the previous quarter.

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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 and reactor life cycles, augmented by our investment in Westinghouse, that supports the generation of carbon-free, reliable, secure 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 energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050, which is expected to durably strengthen long-term fundamentals for our industry. Nuclear energy must be a central part of the solution to achieving energy growth and national security objectives, and helping the world shift to a low-carbon, climate resilient economy. It is an option that can provide the necessary power in a carbon-free, reliable and affordable manner.

Our strategy is to capture full-cycle value by:

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.

Our vision – “Powering a secure energy future” – recognizes that we have an important role to play in achieving energy security, national security and climate security. Our uranium and fuel services are used around the world in the generation of safe, reliable, zero-carbon, baseload nuclear power, which is crucial to energy security. In times of geopolitical uncertainty, a secure source of nuclear fuel is more important than ever as it also supports national security objectives. Additionally, Cameco supports climate security by enabling the generation of carbon-free nuclear power, helping to reduce greenhouse gas emissions and combat climate change. Cameco’s strategic initiatives, such as its partnership with Net Zero Nuclear, aim to expand global nuclear capacity and support the transition to a low-carbon economy.

We believe we have the right strategy to achieve our vision, and we will do so in a manner that reflects our values. For more than 35 years, we have been committed to operating and delivering our products responsibly and profitably. We integrate sustainability principles and practices into every aspect of our business, from our corporate objectives and approach to compensation to our overall corporate strategy, risk management, and day-to-day operations, and they align with our values. We seek to be transparent with our stakeholders, keeping them updated on the risks and opportunities that we believe may have a significant impact on our ability to achieve our strategic plan and add long-term value. We recognize the importance of integrating certain sustainability factors, such as safety performance, a clean environment and supportive communities, into our executive compensation strategy as we see success in these areas as critical to the long-term success of the company.

You can read more about our strategy in our 2024 annual MD&A and our approach to sustainability in our 2023 Sustainability Report.

Strategy in action

With the ongoing transition and improvements in the nuclear fuel market, our three-pillar strategy is guiding our disciplined contracting, supply and financial decisions.

Results in the first quarter were strong with net earnings of $70 million, adjusted net earnings of $70 million, and adjusted EBITDA of $353 million, all higher than in the first quarter of 2024 and in line with the 2025 outlook we provided, which has not changed.

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In our core uranium segment net earnings were $227 million and adjusted EBITDA was $286 million compared to $253 million and $303 million in 2024, respectively, mainly as a result of lower results from JV Inkai due to the timing of sales. Average realized price continued to show improvements as prices from fixed price contracts increased and the US dollar strengthened. See Outlook on page 15 and Financial results by segment – Uranium on page 22 for more information.

Westinghouse reported a net loss of $62 million (our share), for the first quarter up from a loss of $123 million (our share) in the first quarter of 2024, which was impacted by the purchase accounting for inventory that was held at the time of acquisition and sold in the first quarter last year. As indicated in our 2024 annual MD&A, Westinghouse is expected to generate a net loss of between $20 million (US) and $70 million (US) in 2025. In 2025, Westinghouse’s first half results are expected to be weaker, with stronger performance, and higher cash flows expected in the fourth quarter. Westinghouse’s results were and will continue to be impacted by the amortization of the intangible assets that arose as a result of the fair values assigned to Westinghouse’s net assets at the time of acquisition. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for Westinghouse and in the first quarter of 2025, adjusted EBITDA was $92 million, compared to $77 million in the first quarter of 2024, and its outlook is unchanged for the year. See Our outlook for 2025 starting on page 15 and Our earnings from Westinghouse, starting on page 25 for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see the information starting on page 28.

We continue to responsibly manage our supply in accordance with our customers’ needs. As a proven and reliable commercial supplier with assets in geopolitically stable jurisdictions across all segments of the nuclear fuel cycle, we are being selective in committing our unencumbered, in-ground uranium inventory and UF₆ conversion capacity under long term contracts. To support the long-term operation of our productive capacity, our contracting is focused on maintaining exposure to future improvements in the market while retaining downside protection. In our uranium segment, over the next five years, we have contracts in place for average annual deliveries of 28 million pounds of U₃O₈ per year, with commitments higher than the average in 2025 through 2027, and lower than the average in the years of 2028 and 2029. We also have contracts in both our uranium and fuel services segments that have deliveries spanning more than a decade. In our uranium segment, many of those contracts incorporate market-related pricing mechanisms that are expected to benefit from the improving market conditions.

To advance our strategy in step with the positive market momentum and long-term contracts we have put in place, we are on track to produce 36 million pounds (22.4 million pounds our share) of uranium in 2025. At Joint Venture Inkai (JV Inkai), on December 31, 2024, we were unexpectedly informed that the majority owner and controlling partner, Kazatomprom, had directed JV Inkai to suspend production activity as of January 1, 2025. Production resumed on January 23, 2025, JV Inkai has worked to update its mine plan and budget to adjust for the January 2025 production suspension. The temporary suspension did not have a material impact on our 2025 outlook. JV Inkai is now targeting 2025 production of 8.3 million pounds (100% basis) of which our purchase allocation is 3.7 million pounds. The delivery schedule for our share of 2025 production is being updated based on the new production schedule. We do not expect to receive any deliveries from JV Inkai until at least the second half of 2025. The achievement of JV Inkai’s 2025 production target requires it to successfully manage several ongoing risks, including issues of availability of sulfuric acid, other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.

At our Fuel Services division, our annual production expectation, which includes UF₆ conversion, UO₂, and heavy water reactor fuel bundles, remains between 13 million and 14 million kgU of combined fuel services products. At Port Hope, we continue to work towards achieving a UF₆ production rate of 12,000 tonnes per year, closely aligned with our licensed capacity, in order to satisfy our book of long-term commitments and demand for conversion services.

With our operationally flexible and disciplined approach to supply, we continue to meet our sales commitments through a combination of production, inventory, product loans and purchases. In the first quarter, we produced 6.0 million pounds of uranium (our share), and we purchased 1.2 million pounds (purchased at an average unit cost of $106.14 per pound ($74.36 (US) per pound)). See Financial results by segment – Uranium starting on page 22 for more information. After delivering 6.9 million pounds in the first quarter, our uranium inventory was 11.2 million pounds on March 31, 2025, with an average inventory cost of $52.79 per pound.

We expect to maintain the financial strength and flexibility necessary to execute our strategy by planning production in coordination with contracting success and market opportunities.

Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of March 31, 2025, we had $361 million in cash and cash equivalents, and $1.0 billion in total debt and a $1.0 billion undrawn revolving credit facility.

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Financial results

This section of our MD&A discusses our performance, financial condition and outlook for the future.

Consolidated financial results

Quarterly trends

Key things to note:

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The following table compares the net earnings and adjusted net earnings for the first quarter to the previous seven quarters.

Corporate expenses

ADMINISTRATION

Direct administration costs were $10 million higher at $62 million for the first quarter of 2025 compared to the same period last year largely due to the impact of inflation and additional costs associated with digital initiatives. Stock-based compensation expenses were $11 million lower than the first quarter of 2024 due to a decline in our share price in the quarter compared to a small increase in the same period last year. See note 16 to the financial statements.

EXPLORATION AND RESEARCH & DEVELOPMENT

In the first quarter, uranium exploration expenses were $8 million, an increase of $1 million from the first quarter of 2024.

We also had research and development expenditures of $14 million which were mainly related to our investment in Global Laser Enrichment, LLC, compared to $9 million in 2024. The increased spending for exploration and research and development in the first quarter are in line with the outlook provided for 2025.

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INCOME TAXES

We recorded an income tax expense of $53 million in the first quarter of 2025, compared to an expense of $31 million in the first quarter of 2024. The increased income tax expense is primarily due to higher earnings in Canada compared to the first quarter of 2024.

TRANSFER PRICING DISPUTE

Background

Since 2008, Canada Revenue Agency (CRA) has disputed our marketing and trading structure and the related transfer pricing methodology we used for certain intercompany uranium sale and purchase agreements.

For the years 2003 to 2014, CRA shifted Cameco Europe Limited’s income (as recalculated by CRA) back to Canada and applied statutory tax rates, interest and instalment penalties, and, from 2007 to 2011, transfer pricing penalties. In addition, for 2014 to 2017, CRA has advanced an alternate reassessing position. See Reassessments, remittances and next steps below for more information.

In September 2018, the Tax Court of Canada (Tax Court) ruled that our marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question (2003, 2005 and 2006). On June 26, 2020, the Federal Court of Appeal (Court of Appeal) upheld the Tax Court’s decision.

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed CRA’s application for leave to appeal the June 26, 2020 decision of the Court of Appeal. The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in our favour. Although not technically binding, there is nothing in the reasoning of the lower court decisions that should result in a different outcome for the 2007 through 2014 tax years, which were reassessed on the same basis.

Refund and cost award

The Minister of National Revenue issued new reassessments for the 2003 through 2006 tax years in accordance with the decision and, in July 2021, refunded the tax paid for those years. In October 2023, pursuant to a cost award from the courts, we received a payment of approximately $12 million for disbursements, which is in addition to the $10 million we received from CRA in April 2021 as reimbursement for legal fees.

Reassessments, remittances and next steps

The Canadian income tax rules include provisions that generally require larger companies like us to remit or otherwise secure 50% of the cash tax plus related interest and penalties at the time of reassessment. Following the Supreme Court’s dismissal of CRA’s application for leave to appeal, we wrote to CRA requesting reversal of CRA’s transfer pricing adjustments for 2007 through 2013 and the return of the $780 million in cash and letters of credit we paid or provided for those years. Given the strength of the court decisions received, our request was made on the basis that the Tax Court would reject any attempt by CRA to defend its reassessments for the 2007 through 2013 tax years applying the same or similar positions already denied for previous years.

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In March 2023, CRA issued revised reassessments for the 2007 through 2013 tax years, which resulted in a refund of $297 million of the $780 million in cash and letters of credit held by CRA at the time. The refund consisted of cash in the amount of $86 million and letters of credit in the amount of $211 million, which were returned in the second quarter.

The series of court decisions that were completely and unequivocally in our favour for the 2003, 2005 and 2006 tax years, determined that the income earned by our foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada. In accordance with these decisions, CRA issued reassessments reducing the proposed transfer pricing adjustment from $5.1 billion to $3.3 billion, resulting in a reduction of $1.8 billion in income taxable in Canada compared to the previous reassessments issued to us by CRA for the 2007 through 2013 tax years.

The remaining transfer pricing adjustment of $3.3 billion for the 2007 to 2013 tax years relates to the sale of Canadian-produced uranium by our foreign subsidiary. We maintain that the clear and decisive court decisions described above apply, and that CRA should fully reverse the remaining transfer pricing adjustments for these years and return all cash and security being held. In October 2021, due to a lack of significant progress on our points of contention, we filed a notice of appeal with the Tax Court for the years 2007 through 2013. We have asked the Tax Court to order the complete reversal of CRA’s transfer pricing adjustment for those years and the return of all cash and letters of credit being held, with costs.

In 2020, CRA advanced an alternate reassessing position for the 2014 tax year in the event the basis for its original reassessment, noted above, is unsuccessful. Subsequent to this, we received a reassessment for the 2015, 2016 and 2017 tax years, all reflecting this alternative reassessing position. While CRA did not require additional security for the tax debts they considered owing for 2014 through 2016, CRA did require additional letters of credit related to the tax debts they considered owing for 2017. CRA continues to hold $555 million ($209 million in cash and $346 million in letters of credit) that we have remitted or secured to date. The new basis of reassessment is inconsistent with the methodology CRA has pursued for prior years and we are disputing it separately. Our view is that this alternate methodology will not result in a materially different outcome from our 2014 to 2017 filing positions. We filed appeals with the Tax Court for each year from 2014 through 2017.

In late 2024, we received a reassessment for the 2018 tax year. The reassessment relates to contracts other than those discussed above. CRA has advanced another alternate reassessing position for the 2018 tax year. In the first quarter of 2025, we filed a notice of objection for 2018.

We will not be in a position to determine the definitive outcome of the dispute for any tax year other than 2003 through 2006 until such time as all reassessments have been issued advancing CRA’s arguments and final resolution is reached for that tax year. CRA may also advance alternative reassessment methodologies for years other than 2003 through 2006, such as the alternative reassessing position advanced for 2014 through 2017, or the new reassessing position advanced for 2018.

Caution about forward-looking information relating to our CRA tax dispute

This discussion of our expectations relating to our tax dispute with CRA and future tax reassessments by CRA is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2.

IMPACT OF TARIFF TAXES

Although the US has threatened the imposition of a 10% tariff on Canadian energy products, CUSMA-compliant products, and global nuclear fuel products in general are currently excluded, with natural uranium, UF₆, and enriched uranium therefore exempt, preserving the flow of nuclear fuel imports into the US market. To mitigate risk amid unpredictable US policy changes and ongoing uncertainty, we have proactively taken steps to minimize a potential tariff impact, should a tariff be imposed, such as positioning material ahead of expected deliveries and adjusting our contract terms. We are also working with both local and international suppliers to minimize the direct and general inflationary cost pressures related to tariffs on products we require for our operations. We currently do not anticipate the impact of potential tariffs to be material on our 2025 financial results.

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FOREIGN EXCHANGE

The exchange rate between the Canadian dollar and US dollar affects the financial results of our uranium and fuel services segments.

We sell the majority of our uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. While our product purchases are largely denominated in US dollars, our production costs are largely denominated in Canadian dollars. To provide cash flow predictability, we hedge a portion of our net US/Cdn exposure (e.g. total US dollar sales less US dollar expenditures and product purchases) to manage shorter term exchange rate volatility. Our results are therefore affected by the movements in the exchange rate on our hedge portfolio, and on the unhedged portion of our net exposure.

Impact of hedging on IFRS earnings

We do not use hedge accounting under IFRS and we are therefore required to report gains and losses on economic hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market).

However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period.

Impact of hedging on ANE

We designate contracts for use in particular periods, based on our expected net exposure in that period. Hedge contracts are layered in over time based on this expected net exposure. The result is that our current hedge portfolio is made up of a number of contracts which are currently designated to net exposures we expect in 2025 and future years, and we will recognize the gains and losses in ANE in those periods.

For the purposes of ANE, gains and losses on derivatives are reported based on the difference between the effective hedge rate of the contracts designated for use in the particular period and the exchange rate at the time of settlement. This results in an adjustment to current period IFRS earnings to effectively remove reported gains and losses on derivatives that arise from contracts put in place for use in future periods. The effective hedge rate will lag the market in periods of rapid currency movement. See Non-IFRS measures on page 28.

For more information, see our 2024 annual MD&A.

At March 31, 2025:

For information on the impact of foreign exchange on our intercompany balances, see note 17 to the financial statements.

Outlook for 2025

Our outlook for 2025 reflects our plan to produce 18 million pounds (100% basis) at each of Cigar Lake and McArthur River/Key Lake, and 13 million to 14 million kgU in our fuel services segment, as well as continued work to extend the mine life at Cigar Lake.

In 2025, we expect strong financial performance, including cash flow generation. Our financial performance and the amount of cash generated will be dependent on sourcing the material required to meet our deliveries as planned, including achieving our production plans.

As in prior years, we will incur care and maintenance costs for the ongoing curtailment of our tier-two assets, which are expected to be between $62 million and $67 million.

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2025 FINANCIAL OUTLOOK

We are not providing an outlook for the items in the table that are marked with a dash.

The following assumptions were used to prepare the outlook in the table above:

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For more information on how changes in the exchange rate or uranium prices can impact our outlook see Revenue, adjusted net earnings, and cash flow sensitivity analysis below, and Foreign exchange on page 15.

In 2025 we expect our share of adjusted EBITDA from our equity investment in Westinghouse to be between $355 million and $405 million in US dollars. Over the next five years, we expect its adjusted EBITDA will grow at a compound annual growth rate of 6% to 10%.

Note: the ranges for 2025 outlook for EBITDA and adjusted EBITDA are not determined using the high and low estimates of the ranges provided for each of the detailed reconciling line items.

We expect that earnings and adjusted EBITDA will be weak in the first half of the year and weighted to the fourth quarter.

The outlook for adjusted EBITDA for 2025 and its growth rate over the next five years are based on the following assumptions:

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Caution about forward-looking information relating to our future earnings and adjusted EBITDA form Westinghouse

This discussion of our expectations for Westinghouse’s future earnings and adjusted EBITDA and our share thereof is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the headings Caution about forward-looking information beginning on page 2. Actual results and events may be significantly different from what we currently expect.

REVENUE, ADJUSTED NET EARNINGS, AND CASH FLOW SENSITIVITY ANALYSIS

We have sensitivity to the uranium price through both our sales and purchase commitments. However, at the current price levels, many of the market-related sales contracts we have delivered into or are delivering into this year are subject to ceiling prices and therefore are generally less sensitive than our purchase commitments.

As a result, if the uranium spot price increased by $5 (US) per pound, we expect revenue would increase by $51 million, while ANE would increase by $16 million and cash flow would decrease by $18 million. From a cash flow perspective, the sensitivity does not adequately capture the impact of JV Inkai purchases, which straddle two fiscal reporting periods due to when dividends are declared and paid by JV Inkai. The cash flow sensitivity includes the cash outflow for the remaining 4.2 million pounds of uranium assumed to be purchased from JV Inkai in 2025 at a 5% discount to the spot price but does not account for an associated inflow due to the cash dividend expected, which will be tied to our agreed to 2025 production purchase entitlement and is expected to be received in 2026. JV Inkai distributes excess cash as dividends to its owners, net of working capital requirements. In the case of a $5 (US) per pound increase in uranium prices, the JV Inkai purchases are responsible for about $29 million of the noted expected decrease in cash flow and we expect the impact of these purchases on the 2025 cash flow will be partially offset by dividends once declared and paid in 2026.

If the uranium spot price decreased by $5 (US) per pound, we expect revenue to decrease by $67 million, ANE to decrease by $28 million, and cash flow to increase by $6 million. From a cash flow perspective, the impact of the noted decrease in uranium price on the assumed purchase of uranium from JV Inkai is expected to have the opposite impact from that described above for the noted uranium price increase.

In the case of a $5 (US) increase or decrease in the uranium spot price, the sensitivity for ANE compared to the sensitivity for cash flow is less due to the impact on our net earnings from the inclusion of our share of earnings from our equity-accounted investment in JV Inkai in the reporting period, the rate of inventory turnover, and income taxes.

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The following assumptions were used to prepare the revenue, ANE and cash flow sensitivity analysis above:

To the extent that our market purchases or JV Inkai purchases vary, the sensitivity of our ANE and cash flow to changes in the spot and long-term prices may be impacted. In the case of decreased market or JV Inkai purchases, our sensitivity would be reduced. In the case of increased market or JV Inkai purchases, our sensitivity would be greater.

A one cent increase or decrease in the value of the Canadian dollar compared to the US dollar would respectively increase or decrease expected revenue by $18 million and cash flow by $1 million, while the impact on ANE is nil. The majority of our sales are denominated in US dollars, resulting in sensitivity to foreign exchange rates. Revenue will be recognized at the prevailing foreign exchange rate at the time of the sale. ANE and cash flow are less sensitive to foreign exchange rates as we have layered in foreign exchange hedges to provide cash flow certainty. See Foreign exchange starting on page 44 in our annual MD&A for more details.

PRICE SENSITIVITY ANALYSIS: URANIUM SEGMENT

As discussed under Long-term contracting on page 25 of our 2024 annual MD&A, our average realized price is based on pricing terms established in our portfolio of long-term contracts, which includes a mix of base-escalated and market-related contracts that are layered in over time. Each confidential contract is bilaterally negotiated with the customer and delivery generally does not begin until two years or more after signing.

As a result of these contracting dynamics, changes to our average realized price will generally lag changes in market prices in both rising and falling price conditions. The magnitude and direction of the deviation can vary based on the degree of market price volatility between the time the contract price is set, and the time the product is delivered.

To help understand how the pricing under our current portfolio of commitments is expected to react at various spot prices at March 31, 2025, we have constructed the table that follows.

The table is based on the volumes and pricing terms under the long-term commitments in our contract portfolio that have been finalized as of March 31, 2025. The table does not include volumes and pricing terms in contracts under negotiation or those that have been accepted but are still subject to contract finalization. Based on the terms and volumes under contracts that have been finalized, the table is designed to indicate how our average realized price would react under various spot price assumptions at a point in time. In other words, the prices shown in the table would only be realized if the contract portfolio remained exactly as it was on March 31, 2025, using the following assumptions:

It is important to note that the table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table. We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

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Expected realized uranium price sensitivity under various spot price assumptions at March 31, 2025

As of March 31, 2025, we had commitments requiring delivery of an average of about 28 million pounds per year from 2025 through 2029, which included deliveries made year to date in 2025, with commitment levels in 2025 through 2027 being higher than the average, and in 2028 and 2029, lower than the average. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms.

Liquidity and capital resources

Our financial objective is to ensure we have the cash and access to capital to fund our operating activities, investments and other financial obligations in order to execute our strategy, take advantage of opportunities and self-manage risk. We regularly consider our financing options so we can take advantage of favourable market conditions when they arise. We have a number of alternatives to fund future capital requirements, including using our operating cash flow, drawing on our existing credit facilities, entering new credit facilities, and raising additional capital through debt or equity financing, including by conducting a registered offering of securities using our base shelf prospectus or utilizing our at-the-market equity program.

As of March 31, 2025, we had cash and cash equivalents of $361 million, while our total debt amounted to approximately $1.0 billion. We have a risk management policy to manage our cash balances and investments, which are largely held in government securities or with banks that are party to our lending facilities. On January 13, 2025, we repaid the remaining $200 million (US) on our US term loan, extinguishing the term loan and further reducing our total debt outstanding. A distribution of $100 million (US) from Westinghouse was paid in February 2025, of which we received $49 million (US) representing our share of the distribution. In April, we received $87 million (US) net of withholding tax, as our dividend from JV Inkai. We also have a $1.0 billion undrawn revolving credit facility.

We expect the low-cost production from our tier one assets will continue to generate strong cash flows, which we expect will meet our capital requirements during 2025. However, cash flow from operations for 2025 will be dependent on our ability to source the material required to meet our deliveries as planned, including achieving our production plans.

We have large, creditworthy customers that continue to need our nuclear fuel products and services even during weak economic conditions, and we expect the contract portfolio we have built will continue to provide a solid revenue stream. In our uranium segment, from 2025 through 2029, including deliveries we have made to date, we have commitments to deliver an average of about 28 million pounds per year, with commitment levels higher than the average in 2025 through 2027 and lower than the average in 2028 and 2029.

With the Supreme Court’s dismissal of CRA’s application for leave, the dispute of the 2003 through 2006 tax years are fully and finally resolved in our favour. Furthermore, we are confident the courts would reject any attempt by CRA to utilize the same position and arguments for tax years 2007 through 2014, or its alternate reassessing position for tax years 2014 through 2017, or its new reassessing position for 2018 and believe CRA should return all cash and letters of credit (to date, $555 million) being held. However, the timing of any further payments is uncertain, and there can be no assurance that the courts will take this position. See Transfer pricing dispute starting on page 13 for more information.

CASH FROM OPERATIONS

Cash provided by operations was $47 million higher this quarter than in the first quarter of 2024 due primarily to higher earnings and the dividend received from Westinghouse, partially offset by higher income taxes paid.

20 CAMECO CORPORATION

FINANCING ACTIVITIES

We use debt to provide additional liquidity. We have sufficient borrowing capacity with unsecured lines of credit of about $3.0 billion at March 31, 2025, up from $2.9 billion at December 31, 2024. We believe the additional capacity will provide flexibility to support anticipated decommissioning assurance increases upon regulatory acceptance of the updated decommissioning documents. At March 31, 2025, we had approximately $1.5 billion outstanding in financial assurances, which was unchanged from December 31, 2024.

At March 31, 2025, we had no short-term debt outstanding on our $1.0 billion unsecured revolving credit facility, which is unchanged from December 31, 2024. Our revolving credit facility matures October 1, 2028.

On January 13, 2025, we repaid the remaining $200 million (US) on our US term loan, extinguishing the term loan and further reducing our total debt outstanding.

Long-term contractual obligations

Since December 31, 2024, we have repaid the full $200 million (US) of term loan debt that was set to mature in November 2025. There have been no other material changes to our long-term contractual obligations. Please see our 2024 annual MD&A for more information.

Debt covenants

As at March 31, 2025, we complied with all covenants in our credit agreements, including the financial covenants. The financial covenants place restrictions on total debt, including guarantees and other financial assurances. We do not expect our operating and investment activities for the remainder of 2025 to be constrained by these covenants.

SHARES AND STOCK OPTIONS OUTSTANDING

At April 29, 2025, we had:

OFF-BALANCE SHEET ARRANGEMENTS

We had three kinds of off-balance sheet arrangements at March 31, 2025:

Purchase commitments

There have been no material changes to our purchase commitments since December 31, 2024. Please see our annual MD&A for more information.

Financial assurances

At March 31, 2025, our financial assurances totaled $1.5 billion, unchanged from December 31, 2024.

Other arrangements

We have arranged for standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2 million kgU of UF₆ conversion services and 5.7 million pounds of U₃O₈ over the period 2020 to 2027 with repayment in-kind up to December 31, 2027. Under the loan facilities, standby fees of up to 1.5% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 3.0%. At March 31, 2025, we have 1.5 million kgU of UF₆ conversion services and 2.5 million pounds of U₃O₈ drawn on the loans.

2025 FIRST QUARTER REPORT 21

BALANCE SHEET

Total cash and cash equivalents at March 31, 2025 were $361 million, or 40% lower than at December 31, 2024, due mainly to the repayment of the final $200 million (US) outstanding on the floating-rate term loan during the quarter, partially offset by the receipt of $49 million (US) of dividend payments from Westinghouse. Net debt at March 31, 2025 was approximately $635 million.

Total product inventories are $801 million compared to $827 million at the end of 2024. The average inventory cost for uranium has decreased to $52.79 per pound compared to $59.39 per pound at December 31, 2024. As of March 31, 2025, we held an inventory of 11.2 million pounds of U₃O₈ equivalent (excluding broken ore) (December 31, 2024 - 11.0 million pounds). Total product inventory value and inventory volume varies from quarter to quarter depending on the inventory cost and the timing of production, purchases and sales deliveries in the year.

Financial results by segment

Uranium

FIRST QUARTER

Production during the quarter was 6.0 million pounds (our share), 3% higher compared to the first quarter of 2024. See Uranium 2025 Q1 updates starting on page 26 for more information.

Uranium revenues this quarter were up 10% compared to 2024 due to an increase of 15% in the Canadian dollar average realized price, which was partially offset by a 5% decrease in sales volume. While the average US dollar spot price for uranium decreased by 30% compared to the same period in 2024, the Canadian dollar average realized price increased by 15% due to the impact of fixed-price contracts on the portfolio and the lagging effect of spot price impacts on market-related contracts. The average realized price is also impacted by a weakening Canadian dollar on US-priced contracts. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 19.

Total cost of sales (including D&A) increased by 6% ($415 million compared to $393 million in 2024) due to an 11% increase in unit cost of sales compared to the same period last year, partially offset by the 5% decrease in sales volume. Unit cost of sales was higher than in the first quarter of 2024 due to the higher cost of purchased material compared to the same period in 2024. In addition, the average unit cash cost of production was 15% higher for the quarter compared to the same period in 2024, due to higher production from Cigar Lake, where unit cash costs are slightly higher than at McArthur River/Key Lake relative to last year. See table below and Uranium production on page 26.

22 CAMECO CORPORATION

The net effect was a $34 million increase in gross profit for the quarter.

The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures starting on page 28). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

The estimated average unit life of mine operating costs reflected in our most recent annual information form are $20.31 per pound at McArthur River/Key Lake and $21.12 per pound at Cigar Lake.

Our purchases in the first quarter of 2025 totaled about $127 million, representing an average cost of $106.14 (Cdn) per pound, about $73.00 per pound higher than our total unit production cost for the year. Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. The average cost of purchased material in Canadian dollar terms increased by 21% this quarter compared to the same period last year. The average cash cost of purchased material was $106.14, or $74.36 (US) per pound this quarter, compared to $87.75, or $65.41 (US) per pound in the first quarter of 2024.

We equity account for our share of JV Inkai. As a result, we record our share of its production as a purchase, which under Kazakhstan’s pricing regulations, requires we purchase the material at a price equal to the uranium spot price, less a 5% discount. Our share of the economic benefit is reflected in the line item on our statement of earnings called, “share of earnings from equity-accounted investees” and is based on the difference between our purchase price and JV Inkai’s lower production cost (estimated average unit life of mine operating cash cost of $12.62 per pound). If there is a significant disruption to JV Inkai’s operations for any reason, it may not achieve its production plans, there may be a delay in production, and it may experience increased costs to produce uranium.

JV Inkai contribution to uranium segment

In the first quarter, included in net earnings attributable to equity holders for the uranium segment is $35 million of equity earnings and included in adjusted EBITDA is $42 million from JV Inkai compared to $77 million and $105 million respectively in the same period last year.

The decrease in JV Inkai’s equity earnings and adjusted EBITDA was driven by the timing of sales. In April, we received a cash dividend of $87 million (US), net of withholdings, based on JV Inkai’s 2024 financial performance. From a cash flow perspective, we expect to realize the benefit from JV Inkai’s 2025 financial performance in 2026 once the dividend for 2025 is paid.

2025 FIRST QUARTER REPORT 23

The following table reconciles our share of earnings from JV Inkai to EBITDA:

Fuel services

(includes results for UF₆, UO₂, UO₃ and fuel fabrication)

FIRST QUARTER

Total revenue for the first quarter of 2025 increased to $135 million from $72 million for the same period last year. This was primarily due to a 60% increase in sales volumes due to normal variations in quarterly deliveries and a 17% increase in average realized price compared to 2024. The increase in average realized price was mainly the result of contracts that were entered into in an improved price environment and the impact of a weakening Canadian dollar on US priced contracts.

The total cost of products and services sold (including D&A) increased 22% ($66 million compared to $54 million in 2024) due to the 60% increase in sales volume partially offset by a 22% decrease in the average unit cost of sales. Average unit cost of sales decreased due to the mix of products and services sold this year compared to the same period last year.

The net effect was a $48 million increase in net earnings.

24 CAMECO CORPORATION

Westinghouse

OUR EARNINGS FROM WESTINGHOUSE

Westinghouse is one of the world’s largest nuclear services businesses owned in a strategic partnership between Cameco and Brookfield, where Cameco owns a 49% interest and Brookfield owns the remaining 51%. Cameco accounts for its interest under the equity method of accounting in Canadian dollars.

Westinghouse reported a net loss of $62 million (our share), compared to a $123 million loss (our share) during the same period last year. The improvement over last year is primarily related to the sale of inventories in 2024, which, due to purchase accounting, required revaluation based on market prices at time of acquisition and expensing as the acquired inventory was sold. Westinghouse’s results were and will continue to be impacted by the amortization of the intangible assets that arose as a result of the fair values assigned to Westinghouse’s net assets at the time of acquisition.

Adjusted EBITDA was $92 million, compared to $77 million in the same period last year. We use adjusted EBITDA as a performance measure as the impact of the revaluation of Westinghouse’s inventory and assets and the non-operating acquisition-related transition costs do not reflect the underlying performance for the reporting period.

We do not believe Westinghouse’s quarterly results are necessarily a good indication of annual results due to variability in timing of customer requirements and delivery and outage schedules. In 2025, the first half is expected to be weaker, with stronger performance and higher cash flows expected in the fourth quarter.

2025 FIRST QUARTER REPORT 25

Our operations

Uranium – production overview

We produced 6.0 million pounds of U₃O₈ (our share) in the first three months of 2025, slightly higher than the 5.8 million pounds of production in the same period of 2024.

We continue to evaluate the optimal mix of production, inventory and purchases in order to retain the flexibility to deliver long-term value.

URANIUM PRODUCTION

Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.

At the Key Lake mill, an annual maintenance shutdown will take place in the second quarter, with no planned shutdown of the McArthur River mine in 2025. The annual maintenance outage at Cigar Lake will take place in the third quarter, which is similar timing to previous years.

Uranium 2025 Q1 updates

PRODUCTION UPDATE

McArthur River/Key Lake

In the first quarter of 2025, total packaged production from McArthur River and Key Lake was 4.6 million pounds (3.2 million pounds our share) compared to 5.0 million pounds (3.5 million pounds our share) in the first quarter of 2024 due to differences in the annual mine plans.

We continue to expect production of 18 million pounds (12.6 million pounds our share) in 2025.

Labour relations

The collective agreement with the United Steelworkers Local 8914 expires in December 2025. As such, the risk of labour dispute impacts is expected to be minimal in 2025.

Cigar Lake

Total packaged production from Cigar Lake was 5.0 million pounds (2.8 million pounds our share) in the first quarter of 2025 compared to 4.2 million pounds (2.3 million pounds our share) in the first quarter of 2024 due to better availability of mill assets in 2025.

We continue to expect production of up to 18 million pounds (9.8 million pounds our share) in 2025.

Inkai

Production on a 100% basis was 1.1 million pounds for the quarter, compared to 1.6 million pounds in the same period last year due to the unplanned, temporary production suspension in January 2025.

26 CAMECO CORPORATION

On December 31, 2024, we were unexpectedly informed that Kazatomprom, as majority owner and controlling partner of the joint venture, had directed JV Inkai to suspend production activity as of January 1, 2025. The suspension was implemented pending approval by Kazakhstan’s Ministry of Energy of an extension to submit updated Project for Uranium Deposit Development documentation. When the extension had not yet been granted at 2024 year-end as expected, Kazatomprom made the decision to halt production in order to avoid potential violation of Kazakhstan legislation. The extension was approved and JV Inkai resumed production on January 23, 2025.

Cameco and Kazatomprom have worked with JV Inkai to update the operation’s mine plan and budget to adjust for the January 2025 production suspension. JV Inkai is now targeting 2025 production of 8.3 million pounds (100% basis) of which our purchase allocation is 3.7 million pounds. The temporary suspension did not have a material impact on our 2025 outlook. The achievement of JV Inkai’s 2025 production target requires it to successfully manage several ongoing risks, including issues of availability of sulfuric acid, other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.

Due to equity accounting, our share of production is shown as a purchase at a 5% discount to the spot price and included in inventory at this value at the time of delivery. The delivery schedule for our share of 2025 production is being updated based on the new production schedule. We do not expect to receive any deliveries from JV Inkai until at least the second half of 2025. Our share of the profits earned by JV Inkai on the sale of its production to the joint venture partners is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings. Excess cash, net of working capital requirements, is distributed to the partners as dividends once declared.

The geopolitical situation continues to cause transportation risks in the region. We could continue to experience delays in our expected Inkai deliveries. To mitigate this risk, we have inventory, long-term purchase agreements and loan arrangements in place we can utilize. Depending on when we receive shipments of our share of Inkai’s production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.

TIER-TWO CURTAILED OPERATIONS

US ISR Operations

As a result of our 2016 curtailment decision, commercial production has ceased. As production is suspended, we expect ongoing cash and non-cash care and maintenance costs to range between $14 million (US) and $15 million (US) for 2025.

Rabbit Lake

Rabbit Lake remains in a safe state of care and maintenance following the suspension of production in 2016. We continue to evaluate opportunities to minimize care and maintenance costs while maintaining critical infrastructure and processes. We expect care and maintenance costs to range between $43 million and $47 million for 2025.

Fuel services 2025 Q1 updates

PORT HOPE CONVERSION SERVICES

CAMECO FUEL MANUFACTURING INC. (CFM)

Production update

Fuel services produced 3.9 million kgU in the first quarter of 2025, 5% higher than the first quarter of 2024.

Our fuel services segment includes the combined production of UO₂, UF₆, and heavy water reactor fuel bundles. Our annual production expectation for fuel services remains between 13 million and 14 million kgU of combined fuel services products in 2025 (outlook and production results are not disclosed by individual product line).

We continue to work towards achieving a UF₆ production rate of 12,000 tonnes per year, closely aligned with our licensed capacity in order to satisfy our book of long-term commitments and demand for conversion services. Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.

Labour relations

The collective agreement with unionized employees at our Port Hope conversion facility expires in June 2025. There is a risk to the production plan if we are unable to reach an agreement and there is a labour dispute.

2025 FIRST QUARTER REPORT 27

Qualified persons

The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101:

Non-IFRS measures

The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items which could significantly impact our IFRS results.

The following are the non-IFRS measures used in this document.

ADJUSTED NET EARNINGS

Adjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, adjustments to reclamation provisions flowing through other operating expenses, and bargain purchase gains, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust 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. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results starting on page 36 of our 2024 annual report).

In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange starting on page 15 for more information.

We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 9 of our interim financial statements for more information. This amount has been excluded from our ANE measure.

28 CAMECO CORPORATION

As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs are included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 6 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs are included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 6 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the first quarter of 2025 and compares it to the same period in 2024.

2025 FIRST QUARTER REPORT 29

The following table shows what contributed to the change in adjusted net earnings in the first quarter of 2025 compared to the same period in 2024.

EBITDA

EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company’s capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.

ADJUSTED EBITDA

Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition.

In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These include gains/losses on undesignated hedges, transaction, integration and restructuring costs related to acquisitions and gains/losses on disposition of a business.

The company may realize similar gains or incur similar expenditures in the future.

ADJUSTED FREE CASH FLOW

Adjusted free cash flow is defined as adjusted EBITDA less capital expenditures for the period.

ADJUSTED EBITDA MARGIN

Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.

30 CAMECO CORPORATION

EBITDA, adjusted EBITDA, adjusted free cash flow, and adjusted EBITDA margin are non-IFRS measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the tables below reconcile earnings before income taxes with EBITDA and adjusted EBITDA for the first quarter of 2025 and 2024.

For the quarter ended March 31, 2025: