Exhibit 99.3

Cameco Corporation

2025 condensed consolidated interim financial statements

(unaudited)

April 30, 2025

Cameco Corporation

Consolidated statements of earnings

 

(Unaudited)				Three months ended
($Cdn thousands, except per share amounts)		Note		Mar 31/25				Mar 31/24
Revenue from products and services		11		$	789,432			$	633,545
Cost of products and services sold					458,693				403,558
Depreciation and amortization					60,602				43,167
Cost of sales					519,295				446,725
Gross profit					270,137				186,820
Administration					58,820				59,808
Exploration					7,888				7,360
Research and development					13,982				9,320
Other operating expense (income)		9			1,419				(16,780	)
Loss on disposal of assets					2,217				370
Earnings from operations					185,811				126,742
Finance costs		12			(30,098	)			(38,145	)
Loss on derivatives		17			(8,928	)			(41,278	)
Finance income					3,689				6,323
Share of loss from equity-accounted investees		6			(26,850	)			(46,346	)
Foreign exchange gains (losses)					(871	)			16,607
Other income (expense)					404				(4	)
Earnings before income taxes					123,157				23,899
Income tax expense		13			53,405				30,960
Net earnings (loss)				$	69,752			$	(7,061	)
Net earnings (loss) attributable to:
Equity holders					69,764				(7,056	)
Non-controlling interest					(12	)			(5	)
Net earnings (loss)				$	69,752			$	(7,061	)
Earnings (loss) per common share attributable to equity holders:
Basic		14		$	0.16			$	(0.02	)
Diluted		14		$	0.16			$	(0.02	)

See accompanying notes to condensed consolidated interim financial statements.

 

2 CAMECO CORPORATION

Cameco Corporation

Consolidated statements of comprehensive earnings

 

(Unaudited)				Three months ended
($Cdn thousands)		Note		Mar 31/25				Mar 31/24
Net earnings (loss)				$	69,752			$	(7,061	)
Other comprehensive income (loss), net of taxes:
Items that will not be reclassified to net earnings:
Remeasurements of defined benefit liability - equity-accounted investee1					(37	)			(31	)
Items that are or may be reclassified to net earnings:
Exchange differences on translation of foreign operations					15,958				38,199
Gains (losses) on derivatives designated as cash flow hedges -equity-accounted investee2					(12,669	)			3,949
Exchange differences on translation of foreign operations - equity-accounted investee					60,654				(12,152	)
Other comprehensive income, net of taxes					63,906				29,965
Total comprehensive income				$	133,658			$	22,904
Other comprehensive income attributable to
Equity holders				$	63,906			$	29,965
Non-controlling interest					—				—
Other comprehensive income				$	63,906			$	29,965
Total comprehensive income attributable to
Equity holders				$	133,670			$	22,909
Non-controlling interest					(12	)			(5	)
Total comprehensive income				$	133,658			$	22,904

 

1	Net of tax (Q1 2025 - $13; Q1 2024 - $10)

2	Net of tax (Q1 2025 - $4,573; Q1 2024 - $(2,213))

See accompanying notes to condensed consolidated interim financial statements.

 

2025 FIRST QUARTER REPORT 3

Cameco Corporation

Consolidated statements of financial position

 

(Unaudited)				As at
($Cdn thousands)		Note		Mar 31/25				Dec 31/24
Assets
Current assets
Cash and cash equivalents				$	361,469			$	600,462
Accounts receivable					149,345				346,800
Current tax assets					34,930				2,579
Inventories		4			801,027				826,863
Supplies and prepaid expenses					152,180				145,390
Current portion of long-term receivables, investments and other		5			1,174				1,093
Total current assets					1,500,125				1,923,187
Property, plant and equipment					3,277,651				3,286,515
Intangible assets					39,137				39,822
Long-term receivables, investments and other		5			597,059				595,896
Investment in equity-accounted investees		6			3,181,588				3,218,456
Deferred tax assets					788,702				843,131
Total non-current assets					7,884,137				7,983,820
Total assets				$	9,384,262			$	9,907,007
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities					346,229				619,035
Current tax liabilities					704				21,225
Current portion of long-term debt		7			—				285,707
Current portion of other liabilities		8			164,002				221,820
Current portion of provisions		9			43,630				37,974
Total current liabilities					554,565				1,185,761
Long-term debt		7			995,744				995,583
Other liabilities		8			338,586				363,497
Provisions		9			1,003,557				997,833
Total non-current liabilities					2,337,887				2,356,913
Shareholders’ equity
Share capital		10			2,935,465				2,935,367
Contributed surplus					204,497				210,784
Retained earnings					3,168,999				3,099,264
Other components of equity					182,835				118,892
Total shareholders’ equity attributable to equity holders					6,491,796				6,364,307
Non-controlling interest					14				26
Total shareholders’ equity					6,491,810				6,364,333
Total liabilities and shareholders’ equity				$	9,384,262			$	9,907,007

Commitments and contingencies [notes 9, 13]

See accompanying notes to condensed consolidated interim financial statements.

 

4 CAMECO CORPORATION

Cameco Corporation

Consolidated statements of changes in equity

 

		Attributable to equity holders
(Unaudited) ($Cdn thousands)		Share capital				Contributed surplus				Retained earnings				Foreign currency translation				Cash flow hedges				Equity investments at FVOCI				Total				Non- controlling interest				Total equity
Balance at January 1, 2025		$	2,935,367			$	210,784			$	3,099,264			$	104,245			$	15,395			$	(748	)		$	6,364,307			$	26			$	6,364,333
Net earnings (loss)			—				—				69,764				—				—				—				69,764				(12	)			69,752
Other comprehensive income (loss)			—				—				(37	)			76,612				(12,669	)			—				63,906				—				63,906
Total comprehensive income (loss) for the period			—				—				69,727				76,612				(12,669	)			—				133,670				(12	)			133,658
Share-based compensation			—				2,068				—				—				—				—				2,068				—				2,068
Stock options exercised			98				(25	)			—				—				—				—				73				—				73
Restricted share units released			—				(8,330	)			—				—				—				—				(8,330	)			—				(8,330	)
Dividends			—				—				8				—				—				—				8				—				8
Balance at March 31, 2025		$	2,935,465			$	204,497			$	3,168,999			$	180,857			$	2,726			$	(748	)		$	6,491,796			$	14			$	6,491,810
Balance at January 1, 2024		$	2,914,165			$	215,679			$	2,979,743			$	(18,040	)		$	3,506			$	(748	)		$	6,094,305			$	4			$	6,094,309
Net loss			—				—				(7,056	)			—				—				—				(7,056	)			(5	)			(7,061	)
Other comprehensive income (loss)			—				—				(31	)			26,047				3,949				—				29,965				—				29,965
Total comprehensive income (loss) for the period			—				—				(7,087	)			26,047				3,949				—				22,909				(5	)			22,904
Share-based compensation			—				1,288				—				—				—				—				1,288				—				1,288
Stock options exercised			605				(114	)			—				—				—				—				491				—				491
Restricted share units released			—				(7,124	)			—				—				—				—				(7,124	)			—				(7,124	)
Transactions with owners - contributed equity			—				—				—				—				—				—				—				31				31
Balance at March 31, 2024		$	2,914,770			$	209,729			$	2,972,656			$	8,007			$	7,455			$	(748	)		$	6,111,869			$	30			$	6,111,899

See accompanying notes to condensed consolidated interim financial statements.

 

2025 FIRST QUARTER REPORT 5

Cameco Corporation

Consolidated statements of cash flows

 

(Unaudited)		Note				Three months ended
($Cdn thousands)						Mar 31/25				Mar 31/24
Operating activities
Net earnings (loss)						$	69,752			$	(7,061	)
Adjustments for:
Depreciation and amortization							60,602				43,167
Deferred charges							(48,449	)			(24,282	)
Unrealized loss (gain) on derivatives							(13,013	)			34,644
Share-based compensation			16				2,068				1,288
Loss on disposal of assets							2,217				370
Finance costs			12				30,098				38,145
Finance income							(3,689	)			(6,323	)
Share of loss in equity-accounted investees			6				26,850				46,346
Foreign exchange losses (gains)							871				(16,607	)
Other operating expense (income)			9				1,419				(16,780	)
Other expense (income)							(404	)			4
Income tax expense			13				53,405				30,960
Interest received							3,689				6,323
Income taxes paid							(51,790	)			(11,883	)
Dividends from equity-accounted investees							69,747				—
Other operating items			15				(93,182	)			(55,154	)
Net cash provided by operations							110,191				63,157
Investing activities
Additions to property, plant and equipment							(56,458	)			(40,019	)
Increase in long-term receivables, investments and other							(954	)			—
Proceeds from sale of property, plant and equipment							23				—
Net cash used in investing							(57,389	)			(40,019	)
Financing activities
Decrease in debt							(285,240	)			(268,300	)
Interest paid							(5,883	)			(2,523	)
Lease principal payments							(601	)			(412	)
Proceeds from issuance of shares, stock option plan							73				491
Dividends returned							8				—
Net cash used in financing							(291,643	)			(270,744	)
Decrease in cash and cash equivalents, during the period							(238,841	)			(247,606	)
Exchange rate changes on foreign currency cash balances							(152	)			4,014
Cash and cash equivalents, beginning of period							600,462				566,809
Cash and cash equivalents, end of period						$	361,469			$	323,217
Cash and cash equivalents is comprised of:
Cash							266,466				234,391
Cash equivalents							95,003				88,826
Cash and cash equivalents						$	361,469			$	323,217

See accompanying notes to condensed consolidated interim financial statements.

 

6 CAMECO CORPORATION

Cameco Corporation

Notes to condensed consolidated interim financial statements

(Unaudited)

(Cdn$ thousands, except per share amounts and as noted)

 

1.	Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The condensed consolidated interim financial statements as at and for the period ended March 31, 2025 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in associates and joint arrangements.

Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe. The Company has operations in northern Saskatchewan and the United States, as well as a 40% interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom (Kazatomprom), located in Kazakhstan. Cameco also has a 49% interest in Westinghouse Electric Company (Westinghouse), a joint venture with Brookfield Renewable Partners and its institutional partners (collectively, Brookfield). Westinghouse is one of the world’s largest nuclear services businesses with corporate headquarters in Pennsylvania and operations around the world. Both JV Inkai and Westinghouse are accounted for on an equity basis (see note 6).

Cameco has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. The Rabbit Lake operation was placed in care and maintenance in 2016. Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are also not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 18 for the financial statement impact.

The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls a significant portion of the world UF₆ primary conversion capacity in Port Hope, Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario.

 

2.	Material accounting policies

 

A.	Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with Cameco’s annual consolidated financial statements as at and for the year ended December 31, 2024.

These condensed consolidated interim financial statements were authorized for issuance by the Company’s board of directors on April 30, 2025.

 

B.	Basis of presentation

These condensed consolidated interim financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date:

 

2025 FIRST QUARTER REPORT 7

Derivative financial instruments		Fair value through profit or loss (FVTPL)
Equity investments		Fair value through other comprehensive income (FVOCI)
Liabilities for cash-settled share-based payment arrangements		FVTPL
Net defined benefit liability		Fair value of plan assets less the present value of the defined benefit obligation

The preparation of the condensed consolidated interim financial statements in conformity with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2024.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5 of the December 31, 2024, consolidated financial statements.

 

3.	Accounting standards

 

A.	Changes in accounting policy

There is one new amendment to an existing standard that became effective January 1, 2025, but it did not have an effect on the Company’s financial statements.

 

B.	New standards and interpretations not yet adopted

A number of new standards and amendments to existing standards are not yet effective for the period ended March 31, 2025 and have not been applied in preparing these condensed consolidated interim financial statements. Cameco does not intend to early adopt any of the standards and amendments and does not expect them to have a material impact on its financial statements. The one new standard that is expected to have an impact on disclosures is described below.

 

i.	Financial statement presentation

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Cameco has not yet determined the impact of this standard on its disclosures.

 

8 CAMECO CORPORATION

4.	Inventories

 

		Mar 31/25				Dec 31/24
Uranium
Concentrate		$	591,460			$	651,901
Broken ore			29,455				27,892
			620,915				679,793
Fuel services			179,110				146,612
Other			1,002				458
Total		$	801,027			$	826,863

Cameco expensed $472,492,000 of inventory as cost of sales during the first quarter of 2025 (2024 - $404,298,000).

 

5.	Long-term receivables, investments and other

 

		Mar 31/25				Dec 31/24
Derivatives [note 17]			399				103
Investment tax credits			96,199				96,199
Amounts receivable related to tax dispute [note 13](a)			209,125				209,125
Product loan(b)			288,294				288,294
Other			4,216				3,268
			598,233				596,989
Less current portion			(1,174	)			(1,093	)
Net		$	597,059			$	595,896

 

(a)

Cameco was required to remit or otherwise secure 50% of the cash taxes and transfer pricing penalties, plus related interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties paid.

(b)

Cameco loaned 5,400,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay the Company in kind with uranium concentrate no later than December 31, 2028. As at March 31, 2025, 3,000,000 pounds have been returned as repayment on this loan (December 31, 2024 - 3,000,000 pounds).

Cameco also loaned Orano 1,148,200 kgU of conversion supply and an additional 1,200,000 pounds of uranium concentrate during 2022 and 2023. Repayment to Cameco is to be made in kind with U₃O₈ quantities drawn being repaid by December 31, 2027 and quantities of UF₆ conversion supply drawn by December 31, 2035.

As at March 31, 2025, 3,600,000 pounds of U₃O₈ (December 31, 2024 - 3,600,000 pounds) and 1,148,200 kgU of UF₆ conversion supply (December 31, 2024 - 1,148,200 kgU) were drawn on the loans. The values of the loans are recorded at Cameco’s weighted average cost of inventory at the time the loans were drawn.

 

2025 FIRST QUARTER REPORT 9

6.	Equity-accounted investees

 

		Mar 31/25				Dec 31/24
Interest in Westinghouse		$	2,848,165			$	2,931,746
Interest in JV Inkai			333,423				286,710
Interest in Global Laser Enrichment (GLE)			—				—
		$	3,181,588			$	3,218,456

 

A.	Joint ventures

 

i.	Westinghouse

Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. Cameco holds a 49% interest and Brookfield holds 51%. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco accounts for Westinghouse on an equity basis.

Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures equipment for the build of new nuclear reactor plants.

The following table summarizes the total comprehensive loss of Westinghouse (100%):

 

		Mar 31/25				Mar 31/24
Revenue from products and services		$	1,570,456			$	1,337,804
Cost of products and services sold			(589,507	)			(601,723	)
Depreciation and amortization			(196,610	)			(172,849	)
Marketing, administrative and general expenses			(794,810	)			(684,061	)
Finance income			876				3,939
Finance costs			(99,932	)			(130,852	)
Other expense			(51,903	)			(80,582	)
Income tax recovery			34,795				76,332
Net loss			(126,635	)			(251,992	)
Other comprehensive income (loss)			97,853				(16,804	)
Total comprehensive loss		$	(28,782	)		$	(268,796	)

 

10 CAMECO CORPORATION

The following table summarizes the financial information of Westinghouse (100%) and reconciles it to the carrying amount of Cameco’s interest:

 

		Mar 31/25				Dec 31/24
Cash and cash equivalents		$	254,630			$	255,589
Other current assets			2,842,163				2,737,164
Intangible assets			7,776,576				7,821,802
Goodwill			1,718,799				1,698,174
Non-current assets			3,154,353				3,113,031
Current portion of long-term debt			(582,371	)			(44,576	)
Other current liabilities			(2,490,817	)			(2,751,396	)
Long-term debt			(4,917,045	)			(4,924,398	)
Other non-current liabilities			(2,100,114	)			(2,078,688	)
Net assets			5,656,174				5,826,702
Net assets attributable to non-controlling interest			(25,210	)			(25,127	)
Net assets attributable to shareholders			5,630,964				5,801,575
Cameco’s share of net assets attributable to shareholders (49%)			2,759,172				2,842,772
Acquisition costs(a)			83,896				83,896
Impact of foreign exchange on acquisition costs			5,097				5,078
Carrying amount of interest in Westinghouse		$	2,848,165			$	2,931,746

 

(a)	Cameco incurred $83,896,000 of acquisition costs that were included in the cost of the investment.

 

ii.	Global Laser Enrichment LLC (GLE)

GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment

technology, a third-generation uranium enrichment technology. Cameco owns a 49% interest in GLE with an option to attain a majority interest of up to 75% ownership. Cameco has joint control with Silex Systems Limited over the strategic operating, investing and financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its full carrying value of $183,615,000. Following the impairment, under the equity method of accounting, Cameco discontinued recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development.

 

B.

Associate

 

i.

JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest in JV Inkai and Kazatomprom holds a 60% interest. Cameco does not have control over the joint venture so it accounts for the investment on an equity basis.

JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers.

 

2025 FIRST QUARTER REPORT 11

The following tables summarize the total comprehensive earnings of JV Inkai (100%):

 

		Mar 31/25				Mar 31/24
Revenue from products and services		$	809			$	313,864
Cost of products and services sold			(62	)			(38,424	)
Depreciation and amortization			(21	)			(20,400	)
Finance income			2,086				562
Finance costs			(136	)			(272	)
Other expense			(15,510	)			(15,312	)
Income tax expense			(925	)			(49,457	)
Net earnings (loss) from continuing operations			(13,759	)			190,561
Other comprehensive income			—				—
Total comprehensive income (loss)		$	(13,759	)		$	190,561

The following table summarizes the financial information of JV Inkai (100%) and reconciles it to the carrying amount of Cameco’s interest:

 

		Mar 31/25				Dec 31/24
Cash and cash equivalents		$	61,951			$	47,282
Other current assets			670,397				694,041
Non-current assets			328,612				307,801
Current liabilities			(342,017	)			(42,368	)
Non-current liabilities			(28,081	)			(27,802	)
Net assets			690,862				978,954
Cameco’s share of net assets (40%)			276,345				391,582
Consolidating adjustments(a)			(51,627	)			(93,365	)
Fair value increment(b)			77,991				77,992
Dividends declared but not received			144,180				9,760
Dividends in excess of ownership percentage(c)			(109,064	)			(107,179	)
Impact of foreign exchange			(4,402	)			7,920
Carrying amount of interest in JV Inkai		$	333,423			$	286,710

 

(a)	Cameco records certain consolidating adjustments to eliminate unrealized profit, recognize deferred profit and amortize historical differences in accounting policies. The historical differences are amortized to earnings over units of production.

(b)	Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production.

(c)	Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest.

 

12 CAMECO CORPORATION

7.	Long-term debt

 

		Mar 31/25				Dec 31/24
Unsecured debentures
Series F - 5.09% debentures due November 14, 2042		$	99,400			$	99,395
Series H - 2.95% debentures due October 21, 2027			399,028				398,936
Series I - 4.94% debentures due May 24, 2031			497,316				497,252
Term loans			—				285,707
			995,744				1,281,290
Less current portion			—				(285,707	)
Total		$	995,744			$	995,583

On November 7, 2023, the Company utilized a term loan for $600,000,000 (US) to finance the 49% acquisition of Westinghouse. The term loan consisted of two $300,000,000 (US) tranches. The first tranche had a floating interest rate of SOFR plus 1.80% and was to mature on November 7, 2025. The second tranche had a floating interest rate of SOFR plus 2.05% and was set to mature on November 7, 2026. The second tranche was fully repaid on June 10, 2024. On September 9, 2024, Cameco repaid $100,000,000 (US) of the first tranche. The remaining $200,000,000 (US) was repaid on January 13, 2025.

 

8.	Other liabilities

 

		Mar 31/25				Dec 31/24
Deferred sales		$	58,120			$	106,569
Derivatives [note 17]			130,892				143,609
Accrued pension and post-retirement benefit liability			80,140				78,674
Lease obligation [note 17]			9,891				9,839
Product loans(a)			154,697				177,623
Sales contracts			2,553				4,304
Other			66,295				64,699
			502,588				585,317
Less current portion			(164,002	)			(221,820	)
Net		$	338,586			$	363,497

 

(a)

Cameco has standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2,000,000 kgU of UF6 conversion services and 5,680,000 pounds of U3O8 by September 30, 2027 with repayment in kind up to December 31, 2027. Under the 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 1,490,000 kgU of UF6 conversion services (December 31, 2024 - 1,567,000 kgU) drawn on the loans with repayment in the following years:

 

		2025				2026				2027				Total
kgU of UF6			293,000				1,197,000				—				1,490,000

We also have 2,462,000 pounds of U₃O₈ (December 31, 2024 - 2,506,000 pounds) drawn with repayment in the following years:

 

2025 FIRST QUARTER REPORT 13

		2025				2026				2027				Total
lbs of U3O8			630,000				1,832,000				—				2,462,000

The loans are recorded at Cameco’s weighted average cost of inventory.

 

9.	Provisions

 

		Reclamation				Waste disposal				Total
Beginning of year		$	1,025,039			$	10,768			$	1,035,807
Changes in estimates and discount rates
Capitalized in property, plant, and equipment			7,525				—				7,525
Recognized in earnings			1,419				—				1,419
Provisions used during the period			(7,344	)			(168	)			(7,512	)
Accretion [note 12]			9,779				82				9,861
Effects of movements in exchange rates			87				—				87
End of period		$	1,036,505			$	10,682			$	1,047,187
Current			39,124				4,506				43,630
Non-current			997,381				6,176				1,003,557
		$	1,036,505			$	10,682			$	1,047,187

 

10.	Share capital

At March 31, 2025, there were 435,316,918 common shares outstanding. Options in respect of 255,123 shares are outstanding under the stock option plan and are exercisable up to 2027. For the three months ended March 31, 2025, there were 4,835 options exercised that resulted in the issuance of shares (2024 - 30,000).

 

11.

Revenue

Cameco’s uranium and fuel services sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year.

 

14 CAMECO CORPORATION

The following tables summarize Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to Cameco’s reportable segments (note 18):

For the three months ended March 31, 2025

 

		Uranium				Fuel services				Other				Total
Customer geographical region
Americas		$	344,375			$	90,524			$	35,949			$	470,848
Europe			198,492				38,829				—				237,321
Asia			75,957				5,306				—				81,263
		$	618,824			$	134,659			$	35,949			$	789,432
Contract type
Fixed-price		$	231,485			$	118,939			$	35,949			$	386,373
Market-related			387,339				15,720				—				403,059
		$	618,824			$	134,659			$	35,949			$	789,432

For the three months ended March 31, 2024

 

		Uranium				Fuel services				Total
Customer geographical region
Americas		$	421,917			$	61,253			$	483,170
Europe			67,131				10,761				77,892
Asia			72,062				421				72,483
		$	561,110			$	72,435			$	633,545
Contract type
Fixed-price		$	157,927			$	63,614			$	221,541
Market-related			403,183				8,821				412,004
		$	561,110			$	72,435			$	633,545

 

12.	Finance costs

 

		Three months ended
		Mar 31/25				Mar 31/24
Interest on long-term debt		$	15,612			$	24,372
Accretion [note 9]			9,861				8,773
Other charges			4,625				5,000
Total		$	30,098			$	38,145

 

2025 FIRST QUARTER REPORT 15

13.	Income taxes

 

		Three months ended
		Mar 31/25				Mar 31/24
Earnings (loss) before income taxes
Canada		$	200,042			$	140,574
Foreign			(76,885	)			(116,675	)
		$	123,157			$	23,899
Current income taxes (recovery)
Canada		$	(3,000	)		$	11,354
Foreign			1,972				1,445
		$	(1,028	)		$	12,799
Deferred income taxes (recovery)
Canada		$	52,940			$	19,456
Foreign			1,493				(1,295	)
		$	54,433			$	18,161
Income tax expense		$	53,405			$	30,960

Cameco has recorded $788,702,000 of deferred tax assets (December 31, 2024 - $843,131,000). The realization of these deferred tax assets is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s temporary tax differences are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded.

Cameco has operations in countries where the global minimum top-up tax has been enacted or substantively enacted effective January 1, 2024, including: Canada, Australia, Barbados, Germany, Luxembourg, Switzerland and the United Kingdom. The exposure is currently only in Switzerland, as all other constituent entities have effective tax rates higher than 15% and the transitional safe harbour rules are expected to be met. As a result of this exposure, additional income tax expense of $542,000 has been recorded relating to the profits earned in Switzerland (2024 - $345,000).

Canada

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour.

In September 2018, the Tax Court of Canada (Tax Court) ruled that the 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. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution.

As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules.

 

16 CAMECO CORPORATION

14.	Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period.

 

		Three months ended
		Mar 31/25				Mar 31/24
Basic earnings (loss) per share computation
Net earnings (loss) attributable to equity holders		$	69,764			$	(7,056	)
Weighted average common shares outstanding			435,312				434,185
Basic earnings (loss) per common share		$	0.16			$	(0.02	)
Diluted earnings (loss) per share computation
Net earnings (loss) attributable to equity holders		$	69,764			$	(7,056	)
Weighted average common shares outstanding			435,312				434,185
Dilutive effect of stock options			202				—
Weighted average common shares outstanding, assuming dilution			435,514				434,185
Diluted earnings (loss) per common share		$	0.16			$	(0.02	)

 

(a)	For the quarter ended March 31, 2024, 1,049 options were excluded from the diluted weighted average number of common shares because their inclusion would have been anti-dilutive.

15. Statements of cash flows

 

		Three months ended
		Mar 31/25				Mar 31/24
Changes in non-cash working capital:
Accounts receivable		$	197,316			$	252,901
Inventories			16,958				(60,768	)
Supplies and prepaid expenses			(6,801	)			(4,526	)
Accounts payable and accrued liabilities			(287,626	)			(228,041	)
Reclamation payments			(7,512	)			(7,808	)
Other			(5,517	)			(6,912	)
Other operating items		$	(93,182	)		$	(55,154	)

 

16.	Share-based compensation plans

 

A.	Stock option plan

The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 of which 33,337,225 shares have been issued. As of March 31, 2025, the total number of stock options held by the participants was 255,123 (December 31, 2024 - 259,958).

 

B.	Executive performance share unit (PSU)

During the period, the Company granted 183,370 PSUs. The weighted average fair value per unit at the date of issue was $63.70. As of March 31, 2025, the total number of PSUs held by the participants was 583,524 (December 31, 2024 - 636,588).

 

C.	Restricted share unit (RSU)

During the period, the Company granted 327,867 RSUs. The weighted average fair value per unit at the date of issue was $63.70. As of March 31, 2025, the total number of RSUs held by the participants was 767,052 (December 31, 2024 - 734,000).

 

2025 FIRST QUARTER REPORT 17