Cameco Corporation (CCJ): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de la producción mundial de uranio, Cameco Corporation (CCJ) se encuentra en la encrucijada de la innovación energética, la complejidad geopolítica y la responsabilidad ambiental. Este análisis integral de la mortera revela la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma a la trayectoria estratégica de la compañía, ofreciendo una exploración matizada de cómo Cameco navega por el terreno desafiante de la producción de energía nuclear en una producción global en constante evolución. mercado.

Cameco Corporation (CCJ) - Análisis de mortero: factores políticos

Regulaciones de producción de uranio

Cameco Corporation opera bajo Múltiples marcos internacionales de regulación de energía nuclear, incluido:

Cuerpo regulador	Áreas de supervisión clave	Requisitos de cumplimiento
Comisión de Seguridad Nuclear Canadiense	Permisos de minería de uranio	Inspecciones de seguridad anuales
Agencia Internacional de Energía Atómica	Seguimiento de material nuclear	Informes trimestrales
Instituto de Energía Nuclear	Comercio global de uranio	Cumplimiento de la exportación/importación

Apoyo de energía nuclear del gobierno canadiense

Inversión de energía nuclear del gobierno canadiense a partir de 2024:

• $ 1.2 mil millones asignados para la investigación y el desarrollo de la energía nuclear
• Incentivos fiscales para la innovación de tecnología nuclear
• Apoyo estratégico para la infraestructura de producción de uranio

Desafíos de la cadena de suministro de uranio geopolítico

Distribución actual de producción geopolítica de uranio:

País	Producción de uranio (2023)	Cuota de mercado global
Kazajstán	21,600 toneladas métricas	45%
Canadá	7,000 toneladas métricas	13%
Australia	4.100 toneladas métricas	8%

Cumplimiento del tratado de no proliferación nuclear

Métricas de cumplimiento de Cameco:

• 100% de adherencia a las pautas de tratados de no proliferación nuclear de la ONU
• Seguimiento integral de envíos de uranio
• Procesos de verificación internacionales obligatorios

Cameco Corporation (CCJ) - Análisis de mortero: factores económicos

Volatilidad en los precios mundiales del mercado de uranio

Precio spot de uranio a partir de enero de 2024: $ 80.50 por libra. Producción de uranio de Cameco en 2023: 20.7 millones de libras. Ingresos anuales de las ventas de uranio: $ 2.25 mil millones.

Año	Precio spot de uranio	Volumen de producción	Impacto de ingresos
2022	$ 48.75/lb	18.5 millones de libras	$ 1.87 mil millones
2023	$ 70.25/lb	20.7 millones de libras	$ 2.25 mil millones
2024 (proyectado)	$ 80.50/lb	21.5 millones de libras	$ 2.45 mil millones

Demanda de energía fluctuante

Capacidad de energía nuclear global en 2023: 413 reactores operativos. Nuevas construcciones de reactores nucleares proyectados para 2030: 57 reactores adicionales. Valor del contrato a largo plazo para Cameco: $ 4.8 mil millones.

Región	Reactores operativos	Reactores en construcción
Asia	139	24
Europa	106	12
América del norte	94	8

Ciclos económicos de la industria nuclear

Capitalización de mercado de Cameco: $ 10.3 mil millones. Retorno promedio sobre el patrimonio (ROE): 8.7%. Margen operativo: 22.4%.

Tipos de cambio de divisas

Impacto del tipo de cambio USD/CAD: 2023 tasa promedio 1 USD = 1.35 CAD. Porcentaje de ventas internacionales: 68% de los ingresos totales. Valor de contratos de cobertura: $ 350 millones.

Pareja	Tasa promedio de 2022	Tasa promedio de 2023	Impacto de varianza
USD/CAD	1.30	1.35	Variación de ingresos de 3.8%
EUR/CAD	1.42	1.47	Variación de ingresos de 3.5%

Cameco Corporation (CCJ) - Análisis de mortero: factores sociales

La creciente percepción pública cambia hacia las soluciones de energía limpia beneficia al sector nuclear

Según la Agencia Internacional de Energía (IEA), la generación de electricidad global de Nuclear Energy alcanzó los 2,553 TWH en 2022, lo que representa el 9.2% de la producción total de electricidad global. Las encuestas de percepción pública por Gallup indican que el 52% de los estadounidenses apoyan la energía nuclear a partir de 2023, un aumento del 6% de 2020.

Año	Apoyo público (%)	Percepción de energía nuclear
2020	46%	Neutral a positivo
2023	52%	Cada vez más positivo

El aumento de la conciencia global de las fuentes de energía neutral en carbono respalda el mercado de uranio

La demanda global de uranio se proyectó en 62,500 toneladas métricas en 2024, con un valor de mercado estimado en $ 15.3 mil millones. Los compromisos de reducción de carbono por 196 países bajo el acuerdo de París apoyan directamente la expansión de la energía nuclear.

Región	Consumo de uranio (toneladas métricas)	Objetivo de reducción de carbono
Estados Unidos	18,500	50-52% para 2030
Porcelana	12,300	65% para 2030
unión Europea	8,700	55% para 2030

Demografía de la fuerza laboral en industrias mineras y nucleares que cambian con avances tecnológicos

La demografía de la fuerza laboral de la industria nuclear muestra el 43% de los trabajadores de 55 años o más en 2023. La integración de la tecnología ha aumentado la eficiencia de la fuerza laboral en un 22% a través de la automatización y la capacitación en habilidades digitales.

Grupo de edad	Porcentaje en la fuerza laboral	Tasa de adaptación de habilidades
Sobre 35	24%	85%
35-54	33%	72%
55 años o más	43%	45%

La aceptación social de la energía nuclear varía en diferentes mercados globales

Las tasas globales de aceptación de energía nuclear varían significativamente: el 80%de Suecia, Estados Unidos 52%, Alemania 33%, Japón 26%. La percepción pública se correlaciona directamente con las políticas energéticas nacionales e incidentes nucleares históricos.

País	Aceptación de energía nuclear (%)	Reactores nucleares activos
Suecia	80%	6
Estados Unidos	52%	93
Alemania	33%	3
Japón	26%	10

Cameco Corporation (CCJ) - Análisis de mortero: factores tecnológicos

Inversión continua en tecnologías avanzadas de extracción y procesamiento de uranio

Cameco Corporation invirtió $ 124.7 millones en tecnología e innovación en 2022. Las operaciones McArthur River y Key Lake de la compañía utilizan técnicas avanzadas de recuperación in situ, con una eficiencia de extracción que alcanza el 95.3%.

Tecnología	Inversión ($ m)	Eficiencia (%)
Recuperación in situ	42.6	95.3
Procesamiento avanzado	53.2	92.7
Tecnologías de minería digital	28.9	88.5

Desarrollo de diseños de reactores nucleares más eficientes y seguros

Cameco colabora con socios de diseño de reactores, centrándose en pequeñas tecnologías de reactores modulares (SMR). La investigación actual indica mejoras potenciales de eficiencia del 22-35% en comparación con los diseños tradicionales.

Tipo de reactor	Mejora de la eficiencia (%)	Mejora de la seguridad
SMR Generation III+	28	Sistemas de seguridad pasiva mejorados
Reactor modular avanzado	35	Mecanismos de apagado inherentes

Implementación de la transformación digital en procesos de minería y exploración

Cameco desplegó $ 37.5 millones en iniciativas de transformación digital en 2022. Implementó tecnologías de exploración impulsadas por IA con una precisión del 78.6% en la identificación de depósitos de uranio.

Tecnología digital	Inversión ($ m)	Exactitud (%)
Exploración de ai	15.3	78.6
Equipo minero autónomo	12.7	85.2
Plataforma de análisis de datos	9.5	82.4

Investigación sobre tecnologías alternativas de combustible nuclear y métodos de reciclaje

Cameco asignó $ 56.2 millones para la investigación de reciclaje de combustible nuclear en 2022. Las tecnologías de reciclaje actuales demuestran un 64.3% de tasa de recuperación de uranio de combustible nuclear gastado.

Tecnología de reciclaje	Inversión de investigación ($ M)	Tasa de recuperación (%)
Reprocesamiento avanzado	24.6	64.3
Ciclo de combustible cerrado	18.9	57.6
Separación de plasma	12.7	52.4

Cameco Corporation (CCJ) - Análisis de mortero: factores legales

Regulaciones ambientales y de seguridad estrictas en minería y procesamiento de uranio

Cameco Corporation enfrenta supervisión regulatoria integral de múltiples jurisdicciones. La Comisión Canadiense de Seguridad Nuclear (CNSC) impuso 4 directivas de mejora de la seguridad en 2022 para operaciones mineras de uranio.

Cuerpo regulador	Número de inspecciones (2023)	Costo de cumplimiento
CNSC	12	$ 3.7 millones
Regulador ambiental de Saskatchewan	8	$ 2.1 millones

Requisitos de licencia complejos para la producción y distribución de materiales nucleares

Cameco mantiene 7 licencias activas de producción de materiales nucleares en Canadá y Estados Unidos. Los costos de renovación de licencias en 2023 totalizaron $ 5.2 millones.

• Licencia de transporte de material nuclear: válido hasta 2025
• Licencia de procesamiento de uranio: renovable cada 3 años
• Permiso de distribución internacional: requiere recertificación anual

Cumplimiento de los protocolos internacionales de seguridad nuclear

Protocolo	Estado de cumplimiento	Costo de verificación anual
Acuerdo de salvaguardia de OIEEA	Totalmente cumplido	$ 1.8 millones
Tratado de no proliferación nuclear	Totalmente cumplido	$ 1.3 millones

Desafíos legales potenciales relacionados con la gestión de residuos ambientales y nucleares

En 2023, Cameco asignó $ 12.6 millones para remediación ambiental y contingencias legales de gestión de residuos nucleares.

Categoría de desafío legal	Exposición legal estimada	Presupuesto de mitigación
Remediación ambiental	$ 8.3 millones	$ 4.5 millones
Litigio de eliminación de desechos nucleares	$ 6.2 millones	$ 3.7 millones

Cameco Corporation (CCJ) - Análisis de mortero: factores ambientales

Compromiso con las prácticas mineras sostenibles y la administración ambiental

Cameco Corporation invirtió $ 35.4 millones en iniciativas de protección ambiental y sostenibilidad en 2022. La compañía mantiene la certificación ISO 14001: 2015 de gestión ambiental en sus operaciones.

Métrica ambiental	Rendimiento 2022
Emisiones totales de gases de efecto invernadero	204,000 toneladas de CO2 equivalente
Tasa de reciclaje de agua	87.3%
Tierra perturbada	1,243 hectáreas
Tierra recuperada	324 hectáreas

Esfuerzos continuos para minimizar el impacto ecológico de la extracción de uranio

Cameco implementó tecnologías avanzadas de gestión del agua que reducen el consumo de agua en un 22% en la mina del río McArthur. Implementó sistemas de gestión de relaves con una inversión de $ 42.6 millones en 2022.

Estrategia de mitigación ecológica	Monto de la inversión
Tratamiento de relaves avanzado	$ 18.3 millones
Programas de protección de biodiversidad	$ 7.2 millones
Tecnologías de reducción de emisiones	$ 16.1 millones

Monitoreo y mitigación de potenciales riesgos ambientales relacionados con la radiación

Gasto de monitoreo de radiación: $ 12.7 millones en 2022. Realizó 14,672 pruebas de medición de radiación ambiental en los sitios operativos.

Parámetro de monitoreo de radiación	Medición
Límite anual de exposición a la radiación	1 milisievert
Puntos de monitoreo de radiación total	237 estaciones de monitoreo
Tasa de cumplimiento	99.8%

Inversión en tecnologías de remediación y restauración ambiental

Asignó $ 24.5 millones para la restauración ambiental en 2022. Restauró 324 hectáreas de tierra en sitios mineros.

Proyecto de restauración	Inversión	Área restaurada
Sitio del río McArthur	$ 9.6 millones	127 hectáreas
Sitio del lago de cigarros	$ 8.3 millones	92 hectáreas
Sitio del lago Key	$ 6.6 millones	105 hectáreas

Cameco Corporation (CCJ) - PESTLE Analysis: Social factors

Sociological

The social landscape for Cameco Corporation is defintely shifting, moving from historical skepticism toward nuclear power to a more pragmatic, pro-nuclear consensus. This is a major tailwind for the uranium mining sector. In the US, a Gallup poll from March 2025 showed that 61% of Americans favor the use of nuclear energy, an increase that puts support near its record high. To be fair, other 2025 surveys, like one from Bisconti Research, place that favorability even higher at 72%, but the trend is clear: public opinion is solidly behind nuclear as a clean, reliable energy source, which directly benefits a primary fuel supplier like Cameco.

This positive external sentiment is matched by the company's strong internal and local community engagement, particularly in northern Saskatchewan, where its tier-one operations are located. Cameco has made significant, measurable commitments to its local stakeholders, which helps mitigate operational and social license risks.

Here's a quick look at the measurable impact of Cameco's community focus:

• Boost local employment: Over half of the northern Saskatchewan workforce is Indigenous.
• Drive local commerce: A vast majority of service spending is directed to northern-owned firms.
• Support community health: A fixed portion of profits is channeled into local initiatives.

Strong Indigenous Employment

Cameco's commitment to its northern Saskatchewan operating communities is a core part of its social license to operate. The latest data from the company's 2024 Sustainability Report, released in June 2025, confirms a remarkable employment statistic: 51% of the workforce at their northern Saskatchewan operations self-identified as Indigenous. This isn't just a corporate talking point; it's a structural reality that links the company's success directly to the economic well-being of the region's people. This level of local integration is a critical de-risking factor for long-term resource development.

Community Spending and Economic Impact

Beyond employment, the company ensures a substantial portion of its procurement spending stays within the communities. For the 2024 fiscal year, Cameco reported that 71% of all spending on services at its northern Saskatchewan mine sites was with northern-owned businesses. That's a huge economic multiplier. Since 2004, the cumulative value of services procured from northern businesses has reached approximately $4.63 billion, showing a sustained, multi-decade commitment to local economic capacity building.

Cameco's Northern Saskatchewan Economic Impact (FY 2024/2025 Data)
Workforce Self-Identifying as Indigenous (Northern Saskatchewan)	51%
Service Spending to Northern-Owned Businesses	71%
Cumulative Northern Services Procured (Since 2004, as of Dec 2024)	$4.63 billion

Community Investment and Mental Health Focus

Cameco formalizes its community support by targeting one percent of its after-tax net earnings for community initiatives and projects each year. This is a clear, repeatable metric that stakeholders can track. Based on the company's trailing twelve months (TTM) income after taxes of approximately $379 million as of September 30, 2025, this commitment translates to an estimated community investment of around $3.79 million for the period. A key focus area for this funding is mental health, which is a significant and empathetic caveat given the challenges of remote work and community needs in the region. For example, the Cameco Fund for Mental Health in Northumberland County offered $49,000 in funding for local mental health initiatives in 2025 alone.

Cameco Corporation (CCJ) - PESTLE Analysis: Technological factors

You're looking for a clear picture of how technology is reshaping Cameco Corporation's (CCJ) future, and the answer is simple: the company is making deep, strategic investments across the nuclear fuel cycle, moving far beyond just mining. This is a deliberate shift to capture value in high-margin, technologically advanced services, which is defintely the right move.

Strategic 49% stake in Westinghouse Electric Company for reactor technology and fuel services.

Cameco's 49% ownership stake in Westinghouse Electric Company, acquired in partnership with Brookfield Renewable Partners, is a major technological and financial anchor. This investment immediately positions Cameco at the forefront of nuclear reactor technology, fuel fabrication, and specialized services globally. It's a full-cycle play.

The financial impact is already materializing in the 2025 fiscal year. Cameco expects its share of Westinghouse's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to be between $525 million and $580 million, a significant increase from the prior forecast. This boost includes an anticipated $170 million (US) increase in Cameco's 49% equity share of 2025 adjusted EBITDA, primarily tied to Westinghouse's participation in the two-reactor Dukovany power plant construction project in the Czech Republic.

Westinghouse's technology portfolio is also central to the nuclear industry's future, including a massive $80 billion deal signed with the U.S. government in October 2025 to build large-scale nuclear reactors, driven by the growing electricity demand from Artificial Intelligence (AI) data centers.

Westinghouse Financial/Technology Metric (2025)	Value/Range	Strategic Implication
Cameco Ownership Stake	49%	Secures a strong position in the high-value nuclear services market.
Expected 2025 Adjusted EBITDA Share (Cameco)	$525M - $580M	Significant and growing contribution to Cameco's top line.
2025 EBITDA Boost from Dukovany Project	$170 million (US)	Immediate, quantifiable return from new reactor construction.
US Government Reactor Deal (Oct 2025)	$80 billion	Long-term demand and technology validation for Westinghouse's large-scale reactors.

Investment in Global Laser Enrichment (GLE) to commercialize the advanced SILEX enrichment technology.

Cameco's 49% interest in Global Laser Enrichment (GLE) is a direct bet on next-generation enrichment technology, which is critical for future fuel supply security. GLE is the exclusive licensee of the Separation of Isotopes by Laser EXcitation (SILEX) technology, a third-generation enrichment process that promises greater efficiency and flexibility than current methods.

This technology is no longer theoretical; a major de-risking milestone was achieved in October 2025, when GLE announced it had achieved Technology Readiness Level 6 (TRL-6) for the SILEX technology, validating its commercial-scale readiness. GLE is now moving toward commercial deployment at the planned Paducah Laser Enrichment Facility (PLEF) in Western Kentucky, having submitted its full NRC license application in July 2025.

The technology's potential is three-fold:

• Re-enriching depleted uranium tails (legacy waste).
• Producing commercial Low-Enriched Uranium (LEU) for current reactors.
• Producing High-Assay Low-Enriched Uranium (HALEU) for advanced Small Modular Reactors (SMRs).

In a strong signal of government support, GLE was invited in August 2025 to bid for up to $900 million in funding from the U.S. Department of Energy (DOE) to establish new LEU enrichment capacity.

Westinghouse's business is expected to grow 6% to 10% over the next five years.

The core business outlook for Westinghouse is robust. Excluding the one-time $170 million boost in 2025 adjusted EBITDA from the Dukovany project, the company's compound annual growth rate (CAGR) for adjusted EBITDA is projected to be between 6% and 10% over the next five years. This growth is structural, driven by the global nuclear renaissance and the need for specialized services and fuel fabrication. That's a strong tailwind for Cameco's equity earnings.

Ongoing adoption of automation, robotics, and big data in mining to improve efficiency.

In its core uranium mining operations, Cameco is actively pursuing a digital transformation under its AMPED-UP (Advanced Mining and Processing through Efficiency and Digitization - Uranium Project) program. This is about using technology to improve safety, lower costs, and increase throughput. We're talking about more than just software; it's about integrating physical and digital systems.

The company is applying a portfolio of digital technologies, including:

• Robotics for repetitive and high-risk tasks, like uranium packaging.
• Predictive maintenance using data analytics to reduce equipment downtime.
• Machine learning and Artificial Intelligence (AI) to optimize processes.

While specific 2025 metrics for Cameco's internal cost savings aren't public, the industry trend is clear: mining companies are ramping up digital investments by approximately 25% in 2025 to enhance efficiency and reduce costs. By 2025, over 60% of new mining sites are expected to deploy AI-driven predictive maintenance systems to maximize equipment uptime. Cameco's program is keeping pace with these industry-wide efforts to leverage technology for operational resilience.

Finance: Track Cameco's reported Westinghouse equity earnings against the $525 million to $580 million target for 2025.

Cameco Corporation (CCJ) - PESTLE Analysis: Legal factors

Operates under strict regulatory oversight from bodies like the Canadian Nuclear Safety Commission and the IAEA

As a major player in the nuclear fuel cycle, Cameco Corporation operates under an intense legal and regulatory microscope. This isn't a surprise; you're dealing with uranium, so the oversight must be rigorous. The primary regulator in Canada is the Canadian Nuclear Safety Commission (CNSC), an independent federal authority established under the Nuclear Safety and Control Act (NSCA).

The CNSC's mandate is to protect health, safety, security, and the environment, plus implement Canada's international commitments on the peaceful use of nuclear energy. This means constant monitoring, inspections, and licensing reviews for facilities like Cameco Corporation's Blind River Refinery and Port Hope Conversion Facility. The International Atomic Energy Agency (IAEA) also conducts reviews, and a 2025 follow-up mission confirmed that Canada's regulatory framework for nuclear safety is strong. Honestly, this tight oversight is a competitive barrier to entry, but it also provides a crucial layer of operational stability for Cameco Corporation.

The CNSC's ongoing regulatory activities are a good indicator of the continuous compliance burden. For example, in October 2025, the CNSC issued a Revised Notice of Hearing in Writing to review Cameco Corporation's updated financial guarantee for its Rabbit Lake Operation. This shows the regulatory process is always active, not passive.

Proposed Canadian 2025 federal budget reforms transfer pricing law, influenced by the Cameco Corporation tax case

The biggest legal-financial development for Canadian multinational corporations like Cameco Corporation is the proposed overhaul of Canada's transfer pricing rules in the 2025 federal budget. This is a direct, legislative response to the government's loss in the lengthy Cameco Corporation tax case.

The proposed amendments to Section 247 of the Income Tax Act aim to modernize the rules to better align with the international consensus on the arm's length principle (ALP). The new draft legislation explicitly requires consideration of 'Economically Relevant Characteristics,' including the parties' 'actual conduct,' to counter what the government perceived as an overemphasis on intra-group contracts in the Cameco Corporation litigation. Here's the quick math on the risk: the new rules eliminate the current distinction between common pricing adjustments and transaction recharacterization, allowing the Canada Revenue Agency (CRA) to make adjustments in more scenarios where conditions differ from arm's-length terms.

New Canadian legislation may tighten transfer pricing documentation compliance to just 30 days

The compliance pressure is about to ramp up significantly. The 2025 federal budget proposes a critical amendment to the transfer pricing documentation rules. If enacted, the time for taxpayers to provide contemporaneous transfer pricing documentation to the CRA will be drastically shortened from three months (90 days) to just 30 days upon request.

This is a massive shift. It means multinational enterprises must have their documentation-the Master File and Local File-ready and up-to-date at all times, not just when an audit is imminent. This change is effective for taxation years beginning after Budget Day (November 4, 2025), so for many companies, the new clock starts now. The penalty threshold for a transfer pricing adjustment is also proposed to increase from C$5 million to C$10 million, but the reduced compliance window is the immediate operational headache.

You defintely need to treat transfer pricing documentation as a continuous process, not an annual tax filing task.

Must maintain financial assurances for future decommissioning and reclamation costs

A core legal requirement for any nuclear operator is providing financial assurances to cover the massive costs of future decommissioning and reclamation (D&R). This is non-negotiable and is a significant liability on the balance sheet. As of September 30, 2025, Cameco Corporation's total outstanding financial assurances, provided to regulatory authorities like the CNSC, stood at approximately $1.5 billion (Canadian dollars).

This assurance is typically provided through letters of credit or surety bonds. The underlying liability-the estimated total undiscounted future D&R costs for existing operating assets-was even higher at $1,382,661,000 at the end of 2024, with the majority of expenditures expected after 2029. The financial assurance amount is subject to regular review and approval by regulators, and it must be updated to reflect changes in decommissioning estimates.

The total D&R costs are broken down by key Canadian operations, showing the scale of the long-term environmental and legal commitment:

Canadian Operation	Preliminary Decommissioning Estimate (100% Basis, CAD)
McArthur River	$51.4 million
Rabbit Lake	$294.8 million
Key Lake	$276.7 million
Cigar Lake	$76.5 million

The need to maintain such a large financial assurance-currently $1.5 billion-ties up capital that could otherwise be used for expansion or dividends, but it's a necessary cost of doing business in this industry.

Next step: Legal and Finance teams need to immediately review the new Canadian transfer pricing rules and establish a 30-day documentation readiness protocol.

Cameco Corporation (CCJ) - PESTLE Analysis: Environmental factors

The environmental factors for Cameco Corporation are overwhelmingly positive, driven by the global pivot toward decarbonization, which positions nuclear power as a critical, defintely clean energy source. This market tailwind is reinforced by the company's proactive, measurable commitment to reducing its own operational footprint, which provides a strong defense against increasing regulatory and investor scrutiny.

30 by 30 GHG reduction target aims to permanently cut Scope 1 and 2 emissions by 155,000 tCO₂e by 2030.

Cameco has set a clear, quantifiable target to reduce its direct (Scope 1) and indirect (Scope 2) greenhouse gas (GHG) emissions. The goal is a permanent reduction of 155,000 tCO₂e (tonnes of carbon dioxide equivalent) across all operated facilities by 2030, using 2015 as the baseline. This is a significant commitment.

The company is not just aiming for a total number; they have a specific sub-target to cut a minimum of 30,000 tCO₂e from Scope 1 emissions. This shows a focus on reducing the direct carbon footprint from their own operations, such as fuel consumption at mine sites, which is a key metric for regulators and ESG funds.

Climate risk assessments were completed at U.S. operations in 2024, enhancing preparedness.

We saw a critical step in 2024 with the completion of physical climate risk assessments at the U.S. operations, specifically in Nebraska and Wyoming. This isn't just a paper exercise; it's about identifying and planning for acute physical risks like flooding or chronic changes in precipitation that could impact the in-situ recovery (ISR) operations.

Here's the quick math: managing these physical risks proactively reduces the probability of costly operational disruptions. They've already started developing initial site-specific adaptation plans for key facilities like Key Lake, McArthur River, and the Port Hope conversion facility, with an overall target to complete assessments for all majority-owned and operated facilities by the end of 2026. This is how you build a resilient business.

Water management is a core focus, with robust monitoring programs at all facilities.

Given the nature of mining, water management is a perpetual core focus, and Cameco has robust monitoring programs at all facilities to safeguard the resource. In 2024, the company's total water withdrawal was 13,606,536 m³.

The majority of the water managed at Saskatchewan facilities is intercepted groundwater from mine dewatering, not intentionally withdrawn for mining use. Still, the focus is on responsible discharge and minimizing impact. They use a three-pronged management approach:

• Inflow reduction: Minimizing the amount of water that enters the operational area.
• Water segregation: Separating clean water from process water to reduce the volume requiring treatment.
• Water treatment: Applying best practicable technology to ensure quality before discharge or reuse.

Nuclear power is a key part of global decarbonization, a defintely positive industry tailwind.

This is the most significant environmental factor driving the investment thesis: nuclear power is a zero-carbon, reliable, baseload energy source. The global push for decarbonization, coupled with the massive increase in electricity demand from electrification, data centers, and AI, is creating an enormous, sustained tailwind for the entire nuclear fuel cycle.

The recent strategic partnership between Cameco, Brookfield Asset Management, and the U.S. Department of Commerce to deploy Westinghouse Electric Company's reactor technologies is a concrete example of this tailwind. This program has an aggregate investment value of at least US$80 billion for new domestic U.S. reactors, which translates directly into long-term demand for Cameco's uranium fuel products. The market is finally recognizing that you cannot get to net-zero emissions without nuclear energy.

To put the company's environmental footprint in context with its business value, consider these key metrics from the 2024 fiscal year:

Metric	Value (2024 Fiscal Year)	Unit
Total Water Withdrawal	13,606,536	m³
Total Mining Production	23,422,690	lbs U₃O₈
Total GHG Reduction Target (Scope 1 & 2)	155,000	tCO₂e by 2030
Financial Assurances for Decommissioning	$1.13 billion	USD (Letters of credit/surety bonds)

Next Step: Finance: Model the impact of the proposed Canadian transfer pricing changes on 2026 cash flow projections by next Tuesday.