Mr. Tim Gitzel reports

CAMECO SIGNS LONG-TERM URANIUM SUPPLY AGREEMENT WITH INDIA

Cameco Corp. has entered a long-term agreement to supply uranium ore concentrate (U3O8) to the government of India's Department of Atomic Energy, for use in the country's fleet of nuclear reactors. The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period on market-related price terms, with a total contract value estimated at approximately $2.6-billion.

India currently has 24 operating reactors along with ambitious plans to deploy dozens more to reach 100 gigawatts by 2047. Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco's long-term contracting strategy. The volumes under this contract were included in the total long-term contracting volumes and in the expected five-year realized uranium price sensitivity analysis, disclosed in the 2025 annual management's discussion and analysis in February, 2026.

Cameco's chief executive officer, Tim Gitzel, attended an event in Delhi today to celebrate the agreement alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe, highlighting the strong diplomatic and commercial trade relationships between the countries.

"Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada," said Mr. Gitzel. "India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn't possible without a stable supply of uranium fuel. Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained. As a proven and reliable producer, Cameco is globally recognized as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again."

Cameco previously supplied uranium to India under a five-year contract that began in 2015.

At the time of this news release, the estimated value of the new contract is approximately $2.6-billion based on a uranium price of $86.95 (U.S.) per pound, which was the average of the month-end UxC and TradeTech uranium spot prices on Feb. 28, 2026, and the exchange rate on Feb. 27, 2026, of $1.00 (U.S.)/$1.36 (Canadian). Further details of the newly signed contract are commercially sensitive and confidential.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. The company's competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. The company's shares trade on the Toronto and New York stock exchanges. The company's head office is in Saskatoon, Sask., Canada.

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