Summary of Cameco Corporation Conference Call Company Overview - **Company**: Cameco Corporation (NYSE: CCJ) - **Industry**: Uranium production and nuclear fuel supply chain - **Position**: Second largest producer of natural uranium globally and a major uranium converter supplying the Canadian nuclear industry with fabricated fuel bundles [1][3] Core Insights and Arguments - **Nuclear Demand Outlook**: The demand outlook for nuclear power is improving, leading to increased confidence among fuel buyers, which in turn drives term contracting and prices [3][4] - **Uncovered Requirements**: There is a significant stock of uncovered uranium demand, with 2.2 billion pounds needed by 2040 for the known reactor fleet, indicating a robust demand that cannot be deferred indefinitely [5][6] - **Price Formation**: Current contracting is below replacement rates, suggesting that as demand increases, price formation will occur. Historical data shows that strong price formation happens when utilities contract at or above replacement rates [9][10] - **Supply Side Challenges**: The supply side is not poised to respond quickly to the improving demand outlook due to previous low prices leading to project delays and shutdowns of primary supply sources [11][12] - **Regulatory Environment**: The acquisition of a 49% interest in Westinghouse Electric is seen as transformational, enhancing vertical integration in the nuclear fuel supply chain [15][16] Additional Important Points - **McArthur River Mine**: The mine is set to ramp up production to 15 million pounds in 2023 and potentially 18 million pounds in 2024, with production already contracted [24][25] - **Small Modular Reactors (SMRs)**: There is optimism about the future of SMRs, but significant contributions to uranium demand are not expected for about a decade [27][28] - **Term Market Focus**: The company emphasizes its focus on the term market rather than the spot market, with current term prices around $53 to $54 per pound, providing a solid floor for future contracts [31][34] Conclusion - **Strategic Positioning**: Cameco is strategically positioned across the nuclear fuel cycle, maintaining a disciplined approach to production and supply in anticipation of growing demand, while also navigating the complexities of regulatory approvals and market dynamics [14][22]

The question on everyoneÂ's mind now seems to be how quickly can you respond with more production. However, I think we have been very clear for us, it is not about volume, it is about maximizing value. The key to our production planning and potential future growth decisions is long-term utility procurement. Contracting comes first in all segments of our business. As we have said, time-and-time again, nuclear is a longterm market and spot activity is discretionary. Once we have finalized contracts in hand an ...

Cameco Corporation (NYSE:CCJ) BMO Global Metals and Mining Conference February 28, 2022 1:30 PM ET Company Participants Tim Gitzel - President, CEO Unidentified Company Representative Right, ladies and gentlemen, I'm pleased to welcome next on-stage Tim Gitzel, President and CEO of Cameco. Note we are restricted on Cameco, so, I can only provide Q&A that has come via the app. So please make sure you put your questions into the app, so we can ask some questions at the end. So, welcome, Tim. Tim Gitzel Well ...

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Great. Thank you very much. Tim Gitzel Yes. Nice to talk to you. Operator Our next question comes from Grace Sims of Energy Intelligence [ph] Please go ahead. Q – Unidentified Analyst Hi. This is Grace of Energy Intelligence. Nice to talk to you guys. So my question is just about [indiscernible] in China. And if Chemical would consider opening account there as they're trying to make it into a trading hub or if they would move uranium, if can go move uranium to China via... Tim Gitzel Yes. Thanks, Grace. We ...

Energizing a clean-air world (6 Cameco Investor Presentation Please note that statements made in this handout, including statements regarding the outlook, company's objectives, projections, estimates, expectations or predictions, contain forward-looking information and statements within the meaning of applicable Canadian and U.S. securities laws. The company cautions that such information and statements involve risk and uncertainty, and that actual results could differ materially from those contained in the ...

Cameco Corporation (NYSE:CCJ) Q3 2022 Earnings Conference Call October 27, 2022 8:00 AM ET Company Participants Rachelle Girard – Vice President-Investor Relations, Tax and Treasury Tim Gitzel – President and Chief Executive Officer Grant Isaac – Senior Vice President and Chief Financial Officer Sean Quinn – Senior Vice President, Chief Legal Officer and Corporate Secretary Conference Call Participants Orest Wowkodaw – Scotiabank Gordon Johnson – GLJ Research Ralph Profiti – Eight Capital Greg Barnes – TD S ...

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Cameco Corporation (NYSE:CCJ) Q2 2022 Results Conference Call July 27, 2022 8:00 AM ET Company Participants Rachelle Girard - Vice President of Investor Relations Timothy Gitzel - President and Chief Executive Officer Grant Isaac - Senior Vice President and Chief Financial Officer Brian Riley - Senior Vice President and Chief Operating Officer Alice Wong - Senior Vice President and Chief Corporate Officer Sean Quinn - Senior Vice President, Chief Legal Officer and Corporate Secretary Conference Call Partici ...

Summary of Cameco Corporation Conference Call Company Overview - **Company**: Cameco Corporation (NYSE: CCJ) - **Industry**: Uranium production, specifically for nuclear fuel and reactors - **Conference Date**: May 18, 2022 Key Points and Arguments Market Fundamentals - The uranium market fundamentals are improving, with nuclear energy regaining importance due to decarbonization efforts [3][4] - There is a significant supply concern due to years of low prices leading to insufficient investment in capacity [3][4] Geopolitical Impact - The invasion of Ukraine by Russia has caused a geopolitical shift, leading Western customers to seek alternatives to Russian nuclear fuel [4] - Cameco is well-positioned to meet the increasing demand from Western markets as they require more local capacity [4] Contracting Cycle - Cameco is at the beginning of a contracting cycle, starting from historically high uranium prices [6] - The company emphasizes marketing discipline, focusing on securing contracts that make economic sense before increasing production [5] Contracting Activity - In Q1, Cameco contracted 40 million pounds of uranium, marking one of its largest contracting quarters [9] - Utilities are currently prioritizing securing enrichment and conversion services over uranium supply due to geopolitical tensions [9][10] Price Dynamics - Enrichment prices have surged by 40%, from $72 to $120 per unit, reflecting urgency among Western fuel buyers to secure non-Russian sources [10] - The term price of uranium is now reflecting production economics rather than being influenced by the spot market [19] Supply Discipline - Cameco maintains a supply discipline strategy, with significant uranium reserves left uncontracted, allowing for better pricing opportunities in the future [12][14] - The company plans to operate at 40% below its productive capacity in 2024, indicating a cautious approach to market conditions [14] Conversion Market - The conversion market is currently tight, with a gap of 15,000 tons between Western demand and supply [25] - Cameco is focused on maximizing margins and filling its conversion capacity without rushing to increase production [26] Risks and Challenges - There are uncertainties regarding the supply chain, particularly concerning material from Kazakhstan, which could impact the nuclear fuel supply [20][23] - Cameco is cautious about risks in Central Asia and is currently managing its inventory and production sources effectively [21][22] Future Outlook - Utilities are shifting back to longer-term contracts, with terms extending from 2-5 years to 2-10 years, reflecting confidence in reactor programs [19] - The company is optimistic about the future of uranium contracting as utilities stabilize their supply chains [10][19] Additional Important Insights - Cameco's joint venture with Kazatomprom is crucial for navigating the complexities of the Central Asian market [21] - The company is strategically positioned to leverage its existing contracts and uncontracted pounds to benefit from rising prices [12][15] This summary encapsulates the key insights from the conference call, highlighting Cameco's strategic positioning in the uranium market amidst evolving geopolitical and market dynamics.