Equity-accounted investees	12 Months Ended
Dec. 31, 2025
Equity-accounted investees [Abstract]
Equity-accounted investees	11. Equity-accounted investees 2025 2024 Interest in Westinghouse $ 2,671,846 $ 2,931,746 Interest in JV Inkai 315,280 286,710 Interest in Global Laser Enrichment LLC (GLE) - - $ 2,987,126 $ 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 income (loss) of Westinghouse ( 100 %): 2025 2024 Revenue from products and services $ 7,056,393 $ 5,902,993 Cost of products and services sold (4,640,948) (4,235,079) Depreciation and amortization (782,112) (728,294) Marketing, administrative and general expenses (848,993) (821,322) Finance income 5,147 8,941 Finance costs (434,797) (459,567) Other expense (244,972) (238,158) Income tax recovery 7,678 124,717 Net earnings (loss) 117,396 (445,769) Other comprehensive income 249,464 42,506 Total comprehensive income (loss) $ 366,860 $ (403,263) The following table summarizes the financial information of Westinghouse ( 100 %) for the year ending December 31 and reconciles it to the carrying amount of Cameco’s interest: 2025 2024 Cash and cash equivalents $ 268,310 $ 255,589 Other current assets 2,665,145 2,737,164 Intangible assets 7,186,939 7,821,802 Goodwill 1,667,293 1,698,174 Non-current assets 3,126,447 3,113,031 Current portion of long-term debt (48,695) (44,576) Other current liabilities (2,827,358) (2,751,396) Long-term debt (4,682,928) (4,924,398) Other non-current liabilities (2,049,246) (2,078,688) Net assets $ 5,305,907 5,826,702 Net assets attributable to non-controlling interest (26,408) (25,127) Net assets attributable to shareholders $ 5,279,499 $ 5,801,575 Cameco's share of net assets attributable to shareholders ( 49 %) 2,586,955 2,842,772 Acquisition costs (a) 83,896 83,896 Impact of foreign exchange on acquisition costs 995 5,078 Carrying amount of interest in Westinghouse $ 2,671,846 2,931,746 (a) Cameco incurred acquisition costs that were denominated in US dollars. This amount was included in the cost of the investment and is remeasured every period. 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 and Kazatomprom holds a 60 % interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts for JV Inkai 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. The following table summarizes the total comprehensive income of JV Inkai ( 100 %): 2025 2024 Revenue from products and services $ 891,786 $ 934,759 Cost of products and services sold (204,998) (147,103) Depreciation and amortization (56,909) (57,739) Finance income 5,482 3,010 Finance costs (520) (704) Other expense (52,355) (13,453) Income tax expense (116,555) (143,974) Net earnings 465,931 574,796 Other comprehensive income - - Total comprehensive income $ 465,931 $ 574,796 The following table summarizes the financial information of JV Inkai ( 100 %) and reconciles it to the carrying amount of Cameco’s interest: 2025 2024 Cash and cash equivalents $ 46,266 $ 47,282 Other current assets 847,942 694,041 Non-current assets 325,363 307,801 Current liabilities (52,410) (42,368) Non-current liabilities (23,463) (27,802) Net assets 1,143,698 978,954 Cameco's share of net assets ( 40 %) 457,479 391,582 Consolidating adjustments (a) (116,494) (93,365) Fair value increment (b) 74,643 77,992 Dividends declared but not received 7,209 9,760 Dividends in excess of ownership percentage (c) (109,064) (107,179) Impact of foreign exchange 1,507 7,920 Carrying amount of interest in JV Inkai $ 315,280 $ 286,710 (a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. This amount is 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.

Joint ventures

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

% interest and Brookfield holds

%. 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 income (loss) of Westinghouse (

100

%):

2025

2024

Revenue from products and services

7,056,393

5,902,993

Cost of products and services sold

(4,640,948)

(4,235,079)

Depreciation and amortization

(782,112)

(728,294)

Marketing, administrative and general expenses

(848,993)

(821,322)

Finance income

5,147

8,941

Finance costs

(434,797)

(459,567)

Other expense

(244,972)

(238,158)

Income tax recovery

7,678

124,717

Net earnings (loss)

117,396

(445,769)

Other comprehensive income

249,464

42,506

Total comprehensive income (loss)

366,860

(403,263)

2025

2024

Cash and cash equivalents

268,310

255,589

Other current assets

2,665,145

2,737,164

Intangible assets

7,186,939

7,821,802

Goodwill

1,667,293

1,698,174

Non-current assets

3,126,447

3,113,031

Current portion of long-term debt

(48,695)

(44,576)

Other current liabilities

(2,827,358)

(2,751,396)

Long-term debt

(4,682,928)

(4,924,398)

Other non-current liabilities

(2,049,246)

(2,078,688)

Net assets

5,305,907

5,826,702

Net assets attributable to non-controlling interest

(26,408)

(25,127)

Net assets attributable to shareholders

5,279,499

5,801,575

Cameco's share of net assets attributable to shareholders (

2,586,955

2,842,772

Acquisition costs

(a)

83,896

Impact of foreign exchange on acquisition costs

995

5,078

Carrying amount of interest in Westinghouse

2,671,846

2,931,746

(a) Cameco incurred acquisition costs that were denominated in US dollars. This amount was included in the cost of the

investment and is remeasured every period.

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

% interest in GLE with an option to attain a

majority interest of up to

% 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.

Associate

JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a

% interest and Kazatomprom

holds a

% interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts

for JV Inkai 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.

The following table summarizes the total comprehensive income of JV Inkai (

100

%):

2025

2024

Revenue from products and services

891,786

934,759

Cost of products and services sold

(204,998)

(147,103)

Depreciation and amortization

(56,909)

(57,739)

Finance income

5,482

3,010

Finance costs

(520)

(704)

Other expense

(52,355)

(13,453)

Income tax expense

(116,555)

(143,974)

Net earnings

465,931

574,796

Other comprehensive income

Total comprehensive income

465,931

574,796

2025

2024

Cash and cash equivalents

46,266

47,282

Other current assets

847,942

694,041

Non-current assets

325,363

307,801

Current liabilities

(52,410)

(42,368)

Non-current liabilities

(23,463)

(27,802)

Net assets

1,143,698

978,954

Cameco's share of net assets (

457,479

391,582

Consolidating adjustments

(a)

(116,494)

(93,365)

Fair value increment

(b)

74,643

77,992

Dividends declared but not received

7,209

9,760

Dividends in excess of ownership percentage

(c)

(109,064)

(107,179)

Impact of foreign exchange

1,507

7,920

Carrying amount of interest in JV Inkai

315,280

286,710

(a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in

accounting policies. This amount is 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.