Long-term debt	12 Months Ended
Dec. 31, 2025
Long-term debt [Abstract]
Long-term debt	13. Long-term debt 2025 2024 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 $ 99,416 $ 99,395 Series H - 2.95 % debentures due October 21, 2027 399,302 398,936 Series I - 4.94 % debentures due May 24, 2031 497,630 497,252 Term loans - 285,707 996,348 1,281,290 Less current portion - (285,707) Total $ 996,348 $ 995,583 Cameco has a $ 1,000,000,000 unsecured revolving credit facility that is available until October 1, 2029 . Upon mutual agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under the facility, up to $ 100,000,000 can be used for the issuance of letters of credit and, to the extent necessary, it may be used to provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the revolving credit facility above $ 1,000,000,000 by increments no less than $ 50,000,000 , to a total of $ 1,250,000,000 . The facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2025 and 2024, there were no amounts outstanding under this facility. Cameco has $ 1,793,917,000 (2024 - $ 1,890,028,000 ) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2025 amounted to $ 1,529,574,000 (2024 - $ 1,527,815,000 ), the majority of which relate to future decommissioning and reclamation liabilities (note 15) and CRA reassessments (note 20). On May 24, 2024, Cameco issued $ 500,000,000 of Series I debentures which bear interest at a rate of 4.94 % per annum. The net proceeds of the issue after deducting expenses were approximately $ 497,000,000 . The debentures mature on May 24, 2031 and are being amortized at an effective interest rate of 5.04 %. On November 7, 2023, the Company utilized a term loan for US$ 600,000,000 to finance the 49 % acquisition of Westinghouse. The term loan consisted of two US$ 300,000,000 tranches. The second tranche was fully repaid on June 10, 2024. On September 9, 2024, Cameco repaid US$ 100,000,000 on the first tranche. The remaining US$ 200,000,000 was repaid on January 13, 2025. Cameco is bound by a covenant in its revolving credit facility and term loan. The covenant requires a funded debt to tangible net worth ratio equal to or less than 1 :1. Non-compliance with this covenant could result in accelerated payment and termination of the revolving credit facility. At December 31, 2025, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2026 to be constrained by it. The table below represents currently scheduled maturities of long-term debt: 2026 2027 2028 2029 2030 Thereafter Total $ - 399,302 - - - 597,046 $ 996,348

Cameco has a $

1,000,000,000

unsecured revolving credit facility that is available until

October 1, 2029

. Upon mutual

agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under

the facility, up to $

100,000,000

can be used for the issuance of letters of credit and, to the extent necessary, it may be used to

provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the

revolving credit facility above $

1,000,000,000

by increments no less than $

50,000,000

, to a total of $

1,250,000,000

. The

facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2025 and 2024, there were

amounts

outstanding under this facility.

Cameco has $

1,793,917,000

(2024 - $

1,890,028,000

) in letter of credit facilities. Outstanding and committed letters of credit at

December 31, 2025 amounted to $

1,529,574,000

(2024 - $

1,527,815,000

), the majority of which relate to future

decommissioning and reclamation liabilities (note 15) and CRA reassessments (note 20).

On May 24, 2024, Cameco issued $

500,000,000

of Series I debentures which bear interest at a rate of

4.94

% per annum. The

net proceeds of the issue after deducting expenses were approximately $

497,000,000

. The debentures mature on May 24,

2031 and are being amortized at an effective interest rate of

5.04

On November 7, 2023, the Company utilized a term loan for US$

600,000,000

to finance the

% acquisition of Westinghouse.

The term loan consisted of two US$

300,000,000

tranches. The second tranche was fully repaid on June 10, 2024. On

September 9, 2024, Cameco repaid US$

100,000,000

on the first tranche. The remaining US$

200,000,000

was repaid on

January 13, 2025.

Cameco is bound by a covenant in its revolving credit facility and term loan. The covenant requires a funded debt to tangible

net worth ratio equal to or less than

:1. Non-compliance with this covenant could result in accelerated payment and

termination of the revolving credit facility. At December 31, 2025, Cameco was in compliance with the covenant and does not

expect its operating and investing activities in 2026 to be constrained by it.