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    Alexander Pearce • BMO Capital Markets

    Alexander Pearce's questions to Cameco Corp (CCJ) leadership

    Alexander Pearce's questions to Cameco Corp (CCJ) leadership • Q2 2025

    Question

    Alexander Pearce from BMO Capital Markets questioned Cameco's comfort level with its current low inventory levels and asked if the Westinghouse guidance range is driven more by timing than by the number of new reactors.

    Answer

    Executive VP & CFO Grant Isaac responded that Cameco manages sourcing on a long-term basis and will be a 'very strategic and deliberate buyer' in the market, taking advantage of soft spot prices. Regarding Westinghouse, he confirmed the 6-10% guidance range reflects a floor based on the core business, with the upside dependent on the timing of new build projects achieving Final Investment Decision (FID).

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    Alexander Pearce's questions to Cameco Corp (CCJ) leadership • Q1 2025

    Question

    Alexander Pearce followed up on JV Inkai, asking if 2025 deliveries would be weighted towards the end of the year and if there was risk of further delays. He also inquired about the status of studies for potential production upside at the McArthur River mine.

    Answer

    CEO Tim Gitzel confirmed that deliveries from JV Inkai are expected in the second half of 2025 but could not provide more specific timing, expressing confidence the material would arrive this year. Regarding McArthur River, Gitzel reiterated that Cameco remains in supply discipline and has made no decision to expand production beyond the current 18 million pound target until its long-term contract book justifies an increase.

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    Alexander Pearce's questions to Cameco Corp (CCJ) leadership • Q4 2024

    Question

    Alexander Pearce from Bank of Montreal inquired about the mitigating actions Cameco is taking against potential U.S. tariffs on Canadian uranium. He specifically asked if existing contracts include clauses that address who bears the cost of such tariffs. He also questioned if the lower 2025 production guidance for McArthur River signals a permanent return to that level or if it's a temporary measure related to increased capital expenditures.

    Answer

    President and CEO Timothy Gitzel explained that lessons from the 2018 Section 232 investigation led to new contract clauses that place tariff costs on the customer. He also mentioned prepositioning material and the value of their U.S. assets as mitigating factors. Executive VP and CFO Grant Isaac added that a tariff would likely raise the overall uranium price. On production, Gitzel confirmed the company remains in supply discipline, producing only for its contract portfolio, and the current plan is to hold McArthur River/Key Lake at 18 million pounds.

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    Alexander Pearce's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Alexander Pearce followed up on the Inkai mine, asking if the production issues are transitory and how Cameco might recoup its share of lost volumes given the complex ownership agreement.

    Answer

    President and CEO Timothy Gitzel characterized the issues as related to the timing of sulfuric acid deliveries, not a permanent shortfall, and confirmed they are in discussions with Kazatomprom to recoup the volumes. He noted that while Inkai is important, it represents about 10% of Cameco's production, placing it in the context of the larger business.

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