EX-2.01

Exhibit 2.01

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Cameco Corporation

Reporting Year

From

2025-01-01

To:

2025-12-31

Date submitted

2026-05-29

Reporting Entity ESTMA Identification Number

E886600

Other Subsidiaries Included

(optional field)

Not Consolidated

Not Substituted

Attestation by Reporting Entity

In accordance with the requirements of the

ESTMA

, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

Full Name of Director or Officer of Reporting Entity

Heidi Shockey

Date

2026-05-29

Position Title

Senior Vice-President and Chief Financial Officer

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2025-01-01

To:

2025-12-31

Reporting Entity Name

Cameco Corporation

Currency of the Report

CAD

Reporting Entity ESTMA

Identification Number

E886600

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments,

Agency, etc...

within Payee

that Received

Payments

Taxes

Royalties

Fees

Production

Entitlements

Bonuses

Dividends

Infrastructure
Improvement

Payments

Total Amount

paid to Payee

Notes

Canada

national
government of
Canada

68,980,000

5,890,000

74,870,000

Payments for Corporate taxes and regulatory oversight. Departments include Receiver General

†

, Canadian Nuclear Safety Commission (CNSC), Industry Canada, & Environment Canada.

Canada -Saskatchewan

the province
of
Saskatchewan

9,170,000

182,820,000

5,170,000

197,160,000

Payments for property taxes, royalties, highway maintenance, and regulatory oversight. Departments include Ministry of Economy, Ministry of Finance, Ministry of Government Relations, Ministry of Environment, Ministry of Highways & Infrastructure.

Canada -Ontario

the province
of Ontario

Ministry of
Finance

50,000

Payments for mandatory hoist rope testing

Canada -Saskatchewan

Athabasca
Community
Trust

4,720,000

Payments to the trust are attributed to Black Lake Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake Denesuline First Nation, northern hamlet of Stony Rapids, northern settlement of Wollaston Lake, northern settlement of Uranium City, and northern settlement of Camsell Portage.

Canada -Saskatchewan

English River
First Nation

1,450,000

Payments are comprised of contributions stipulated in collaboration agreements with the community. These include payments directly to the community and to a community-owned contractor and consultant. Some payments are made to support the building and maintenance of community facilities

Canada -Saskatchewan

Lac La Ronge
Indian Band
Community
Trust

770,000

Payments based on the collaboration agreement, including funding for education and community liaison. The trust is attributed to the communities of Grandmother’s Bay, Hall Lake, La Ronge, Little Red River, Stanley Mission, and Sucker River

Canada -Saskatchewan

northern
village of
Pinehouse

2,110,000

Payments are mostly comprised of contributions stipulated in collaboration agreements with the community. These include payments directly to the community and to a community-owned contractor. Some payments are made to support the building and maintenance of community facilities

Canada -Saskatchewan

Six Rivers
Fund

100,000

Trust fund to benefit indigenous communities in Northern Saskatchewan. Money is granted to projects to support youth, education, health & wellness, and sports & recreaction.

United States of America

national
government of
United States
of America

1,870,000

Departments include Nuclear Regulatory Commission, Bureau of Land Management, Department of Agriculture. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD).

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2025-01-01

To:

2025-12-31

Reporting Entity Name

Cameco Corporation

Currency of the Report

CAD

Reporting Entity ESTMA

Identification Number

E886600

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments,

Agency, etc...

within Payee

that Received

Payments

Taxes

Royalties

Fees

Production

Entitlements

Bonuses

Dividends

Infrastructure
Improvement

Payments

Total Amount

paid to Payee

Notes

United States of America

the state of
Wyoming

100,000

430,000

530,000

Departments include Department of Environmental Quality,Office of State Lands and Investments, Department of Revenue, Secretary of State. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD)

United States of America

the state of
Nebraska

110,000

Departments include Department of Environmental Quality, Board of Education, Department of Health & Human Services. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD)

United States of America

the
municipality
of Campbell
County

250,000

Wyoming county authority (North Butte). Payments for property taxes & licence fees. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD)

United States of America

the
municipality
of Converse
County

540,000

40,000

580,000

Wyoming county authority (Smith Ranch-Highland). Payments for property taxes & licence fees. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD)

United States of America

the
municipality
of Dawes
County

90,000

10,000

100,000

Nebraska county authority (Crow Butte). Payments for property taxes & licence fees. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.41 CAD/USD)

United States of America

the
municipality
of Fremont
County

10,000

Wyoming county authority (Gas Hills). Payments for property taxes. Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $1.37 CAD/USD)

Australia

Government
of Western
Australia

Department
of Mines &
Petroleum

250,000

Payments for regulatory oversight. Transaction occurred in AUD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $0.90 CAD/AUD)

Australia

Western
Desert
Lands
Aboriginal
Corp

50,000

Payments to the holding corporation are attributed to the Martu peoples. Transaction occurred in AUD$, converted to CAD$ at the exchange rate existing at time of payments (Avg. $0.90 CAD/AUD)

Additional Notes:

As required by Canada’s Extractive Sector Transparency Measures Act (ESTMA), Cameco has reported to the Canadian government payments made to governments
in Canada, the United States, and Australia. These payments include royalties, taxes and fees paid during a year by Cameco and its subsidiaries to various levels of
government related to commercial development. Under ESTMA commercial development captures the exploration and extraction of minerals and does not include post-
extraction activities, such as refining, processing, marketing, distribution, transportation or export.

†

Income taxes paid to the Receiver General (Government of Canada) relates to both exploration and extraction of minerals, as well as post-extraction activities. As a
result, these payments are not fully attributable to extractive activities. Additionally, our 2025 payments are expected to be refunded in future periods and have been
recorded as a receivable in the Company’s financial statements (see note 10 to Cameco’s annual consolidated financial statements for the year ended December 31,
2025).

Enter the proper name of the Payee receiving the money (i.e. the municipality of x, the province of y, national government of z).

Department, Agency, Etc.

When payments are made

in-kind,

the notes field must highlight which payment includes

in-kind

contributions and the method for calculating the value of the payment.

Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the Additional notes row or the Notes column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2025-01-01

To:

2025-12-31

Reporting Entity Name

Cameco Corporation

Currency of the Report

CAD

Reporting Entity ESTMA

Identification Number

E886600

Subsidiary Reporting Entities (if

necessary)

Payments by Project

Country

Project Name

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure
Improvement Payments

Total Amount paid
by Project

Notes

Canada -Saskatchewan

Cameco
Corporation

68,980,000

182,820,000

9,160,000

260,960,000

income taxes

†

, corporate royalties & colloboration agreements that are not assigned/attributed to a specific project

Canada -Saskatchewan

Key Lake

1,200,000

4,430,000

5,630,000

property taxes & regulatory fees

(100% of payments reported, Cameco ownership 83.3%)

Canada -Saskatchewan

McArthur
River

2,620,000

2,250,000

4,870,000

property taxes & regulatory fees

(100% of payments reported, Cameco ownership 69.8%)

Canada -Saskatchewan

Cigar Lake

5,010,000

2,300,000

7,310,000

property taxes & regulatory fees

(100% of payments reported, Cameco ownership 54.5%)

Canada -Saskatchewan

Rabbit
Lake

340,000

1,950,000

2,290,000

property taxes & regulatory fees

Canada -Saskatchewan

Exploration

160,000

claim staking and maintenance fees

United States of America

Crow Butte
Resources

90,000

1,110,000

1,200,000

property taxes & regulatory fees
Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payment (Avg. $1.40 CAD/USD)

United States of America

Power
Resources
Inc

810,000

100,000

1,350,000

2,260,000

property taxes, regulatory fees, claims fees & lease payments
Transaction occurred in USD$, converted to CAD$ at the exchange rate existing at time of payment (Avg. $1.40 CAD/USD)

Australia

Cameco
Australia

300,000

regulatory oversight and community based payments
Transaction occurred in AUD$, converted to CAD$ at the exchange rate existing at time of payment (Avg. $0.90 CAD/AUD)

Additional Notes

As required by Canada’s Extractive Sector Transparency Measures Act (ESTMA), Cameco has reported to the Canadian government payments made to governments in Canada, the United States, and
Australia. These payments include royalties, taxes and fees paid during a year by Cameco and its subsidiaries to various levels of government related to commercial development. Under ESTMA commercial
development captures the exploration and extraction of minerals and does not include post-extraction activities, such as refining, processing, marketing, distribution, transportation or export.

†

Income taxes paid to the Receiver General (Government of Canada) relates to both exploration and extraction of minerals, as well as post-extraction activities. As a result, these payments are not fully
attributable to extractive activities. Additionally, our 2025 payments are expected to be refunded in future periods and have been recorded as a receivable in the Company’s financial statements (see note 10 to
Cameco’s annual consolidated financial statements for the year ended December 31, 2025).

Enter the project that the payment is attributed to. Some payments may not be attributable to a specific project, and do not need to be disclosed in the “Payments by Project” table.

Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the “Additional Notes” row or the “Notes” column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.