Cameco Corporation (CCJ): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la production mondiale d'uranium, Cameco Corporation (CCJ) se dresse au carrefour de l'innovation énergétique, de la complexité géopolitique et de la responsabilité environnementale. Cette analyse complète du pilotage dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise, offrant une exploration nuancée de la façon dont Cameco navigue dans le terrain difficile de la production d'énergie nucléaire dans un monde en constante évolution en constante évolution du monde en constante évolution de la production mondiale en constante évolution en constante évolution dans le monde en constante évolution du Cameco marché.

Cameco Corporation (CCJ) - Analyse du pilon: facteurs politiques

Règlement sur la production d'uranium

Cameco Corporation opère sous multiples cadres de réglementation de l'énergie nucléaire internationale, y compris:

Corps réglementaire	Domaines de surveillance clés	Exigences de conformité
Commission de la sécurité nucléaire canadienne	Permis d'extraction d'uranium	Inspections de sécurité annuelles
Agence internationale de l'énergie atomique	Suivi des matières nucléaires	Reportage trimestriel
Institut d'énergie nucléaire	Commerce mondial d'uranium	Conformité à l'exportation / à l'importation

Support énergétique nucléaire du gouvernement canadien

Investissement d'énergie nucléaire du gouvernement canadien en 2024:

• 1,2 milliard de dollars alloués à la recherche et au développement de l'énergie nucléaire
• Incitations fiscales pour l'innovation de la technologie nucléaire
• Soutien stratégique à l'infrastructure de production d'uranium

Défis de chaîne d'approvisionnement en uranium géopolitique

Distribution de production géopolitique géopolitique::

Pays	Production d'uranium (2023)	Part de marché mondial
Kazakhstan	21 600 tonnes métriques	45%
Canada	7 000 tonnes métriques	13%
Australie	4 100 tonnes métriques	8%

Compliance du traité de non-prolifération nucléaire

Mesures de conformité de Cameco:

• Adhésion à 100% aux directives du traité de non-prolifération nucléaire de l'ONU
• Suivi complet des expéditions d'uranium
• Processus de vérification internationale obligatoires

Cameco Corporation (CCJ) - Analyse du pilon: facteurs économiques

Volatilité des prix du marché mondial de l'uranium

Prix ​​au comptant de l'uranium à partir de janvier 2024: 80,50 $ la livre. Production d'uranium de Cameco en 2023: 20,7 millions de livres. Revenus annuels des ventes d'uranium: 2,25 milliards de dollars.

Année	Prix ​​du ponctuel d'uranium	Volume de production	Impact sur les revenus
2022	48,75 $ / lb	18,5 millions de livres	1,87 milliard de dollars
2023	70,25 $ / lb	20,7 millions de livres	2,25 milliards de dollars
2024 (projeté)	80,50 $ / lb	21,5 millions de livres	2,45 milliards de dollars

Fluctuant de la demande d'énergie

Capacité d'énergie nucléaire mondiale en 2023: 413 réacteurs opérationnels. Projetée de nouvelles constructions de réacteurs nucléaires d'ici 2030: 57 réacteurs supplémentaires. Valeur du contrat à long terme pour Cameco: 4,8 milliards de dollars.

Région	Réacteurs opérationnels	Réacteurs en construction
Asie	139	24
Europe	106	12
Amérique du Nord	94	8

Cycles économiques de l'industrie de l'énergie nucléaire

Capitalisation boursière de Cameco: 10,3 milliards de dollars. Retour moyen des capitaux propres (ROE): 8,7%. Marge opérationnelle: 22,4%.

Taux de change

Impact du taux de change USD / CAD: 2023 Taux moyen 1 USD = 1,35 CAD. Pourcentage de ventes internationales: 68% des revenus totaux. Valeur des contrats de couverture: 350 millions de dollars.

Paire de devises	2022 Taux moyen	2023 Taux moyen	Impact de la variance
USD / CAD	1.30	1.35	Écart de revenus de 3,8%
EUR / CAD	1.42	1.47	Écart de revenus de 3,5%

Cameco Corporation (CCJ) - Analyse du pilon: facteurs sociaux

Les changements de perception du public croissants vers des solutions d'énergie propre bénéficient au secteur nucléaire

Selon l'International Energy Agency (AIE), la production mondiale d'électricité de l'énergie nucléaire a atteint 2 553 TWH en 2022, ce qui représente 9,2% de la production totale d'électricité mondiale. Les enquêtes sur la perception du public par Gallup indiquent que 52% des Américains soutiennent l'énergie nucléaire en 2023, soit une augmentation de 6% par rapport à 2020.

Année	Support public (%)	Perception de l'énergie nucléaire
2020	46%	Neutre à positif
2023	52%	De plus en plus positif

L'augmentation de la sensibilisation mondiale aux sources d'énergie neutres en carbone soutient le marché de l'uranium

La demande mondiale d'uranium projetée à 62 500 tonnes métriques en 2024, avec une valeur marchande estimée à 15,3 milliards de dollars. Les engagements de réduction du carbone par 196 pays en vertu de l'accord de Paris soutiennent directement l'expansion de l'énergie nucléaire.

Région	Consommation d'uranium (tonnes métriques)	Cible de réduction du carbone
États-Unis	18,500	50-52% d'ici 2030
Chine	12,300	65% d'ici 2030
Union européenne	8,700	55% d'ici 2030

La démographie de la main-d'œuvre dans les industries minières et les industries nucléaires changent avec les progrès technologiques

La démographie de la main-d'œuvre de l'industrie nucléaire montre que 43% des travailleurs âgés de 55 ans ou plus en 2023. L'intégration technologique a augmenté l'efficacité de la main-d'œuvre de 22% grâce à l'automatisation et à la formation des compétences numériques.

Groupe d'âge	Pourcentage de la main-d'œuvre	Taux d'adaptation des compétences
Moins de 35 ans	24%	85%
35-54	33%	72%
55 ans et plus	43%	45%

L'acceptation sociale de l'énergie nucléaire varie selon différents marchés mondiaux

Les taux d'acceptation mondiale de l'énergie nucléaire varient considérablement: Suède 80%, États-Unis 52%, Allemagne 33%, Japon 26%. La perception du public est directement en corrélation avec les politiques énergétiques nationales et les incidents nucléaires historiques.

Pays	Acceptation de l'énergie nucléaire (%)	Réacteurs nucléaires actifs
Suède	80%	6
États-Unis	52%	93
Allemagne	33%	3
Japon	26%	10

Cameco Corporation (CCJ) - Analyse du pilon: facteurs technologiques

Investissement continu dans les technologies avancées d'extraction et de traitement de l'uranium

Cameco Corporation a investi 124,7 millions de dollars dans la technologie et l'innovation en 2022. Les opérations de McArthur River et Key Lake de la société utilisent des techniques avancées de récupération in situ, l'efficacité d'extraction atteignant 95,3%.

Technologie	Investissement ($ m)	Efficacité (%)
Reprise in situ	42.6	95.3
Traitement avancé	53.2	92.7
Technologies minières numériques	28.9	88.5

Développement de conceptions de réacteurs nucléaires plus efficaces et plus sûrs

Cameco collabore avec Reactor Design Partners, en se concentrant sur les petites technologies de réacteur modulaire (SMR). La recherche actuelle indique des améliorations potentielles de l'efficacité de 22 à 35% par rapport aux conceptions traditionnelles.

Type de réacteur	Amélioration de l'efficacité (%)	Amélioration de la sécurité
SMR Génération III +	28	Systèmes de sécurité passifs améliorés
Réacteur modulaire avancé	35	Mécanismes d'arrêt inhérents

Mise en œuvre de la transformation numérique dans les processus minières et d'exploration

Cameco a déployé 37,5 millions de dollars d'initiatives de transformation numérique en 2022. Implémentation des technologies d'exploration axées sur l'IA avec une précision de 78,6% dans l'identification des dépôts d'uranium.

Technologie numérique	Investissement ($ m)	Précision (%)
Exploration d'IA	15.3	78.6
Équipement minière autonome	12.7	85.2
Plateforme d'analyse de données	9.5	82.4

Recherche sur les technologies alternatives du combustible nucléaire et les méthodes de recyclage

Cameco a alloué 56,2 millions de dollars à la recherche sur le recyclage des combustibles nucléaires en 2022. Les technologies de recyclage actuelles démontrent 64,3% de taux de récupération d'uranium à partir de combustible nucléaire usé.

Technologie de recyclage	Investissement en recherche ($ m)	Taux de récupération (%)
Retraitement avancé	24.6	64.3
Cycle de carburant fermé	18.9	57.6
Séparation du plasma	12.7	52.4

Cameco Corporation (CCJ) - Analyse du pilon: facteurs juridiques

Règlements rigoureux de l'environnement et de la sécurité dans l'exploitation et le traitement de l'uranium

Cameco Corporation fait face à une surveillance réglementaire complète de plusieurs juridictions. La Commission canadienne de la sécurité nucléaire (CNSC) a imposé 4 directives d'amélioration de la sécurité en 2022 pour les opérations d'extraction d'uranium.

Corps réglementaire	Nombre d'inspections (2023)	Coût de conformité
CNSC	12	3,7 millions de dollars
Régulateur environnemental de la Saskatchewan	8	2,1 millions de dollars

Exigences de licence complexes pour la production et la distribution des matières nucléaires

Cameco maintient 7 licences de production de matières nucléaires actives à travers le Canada et les États-Unis. Les coûts de renouvellement des licences en 2023 ont totalisé 5,2 millions de dollars.

• Licence de transport des matières nucléaires: Valable jusqu'en 2025
• Licence de traitement d'uranium: renouvelable tous les 3 ans
• Permis de distribution internationale: nécessite une recertification annuelle

Conformité aux protocoles internationaux de sécurité nucléaire et de sécurité

Protocole	Statut de conformité	Coût de vérification annuel
Contrat de sauvegarde de l'IAEA	Pleinement conforme	1,8 million de dollars
Traité de non-prolifération nucléaire	Pleinement conforme	1,3 million de dollars

Défix juridiques potentiels liés à la gestion des déchets environnementaux et nucléaires

En 2023, Cameco a alloué 12,6 millions de dollars à l'assainissement environnementale et à la gestion des déchets nucléaires.

Catégorie de défi juridique	Exposition juridique estimée	Budget d'atténuation
Rassasie environnementale	8,3 millions de dollars	4,5 millions de dollars
Litige d'élimination des déchets nucléaires	6,2 millions de dollars	3,7 millions de dollars

Cameco Corporation (CCJ) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques minières durables et la gestion de l'environnement

Cameco Corporation a investi 35,4 millions de dollars dans les initiatives de protection de l'environnement et de durabilité en 2022. La société maintient la certification ISO 14001: 2015 de gestion de l'environnement dans ses opérations.

Métrique environnementale	2022 Performance
Émissions totales de gaz à effet de serre	204 000 tonnes CO2 équivalent
Taux de recyclage de l'eau	87.3%
Terre perturbée	1 243 hectares
Terre récupérée	324 hectares

Efforts continus pour minimiser l'impact écologique de l'extraction d'uranium

Cameco a mis en œuvre les technologies avancées de gestion de l'eau réduisant la consommation d'eau de 22% dans la mine McArthur River. Implémenta les systèmes de gestion des résidus avec des investissements de 42,6 millions de dollars en 2022.

Stratégie d'atténuation écologique	Montant d'investissement
Traitement des résidus avancés	18,3 millions de dollars
Programmes de protection de la biodiversité	7,2 millions de dollars
Technologies de réduction des émissions	16,1 millions de dollars

Surveillance et atténuation des risques environnementaux liés aux rayonnements potentiels

Dépenses de surveillance des radiations: 12,7 millions de dollars en 2022. Effectué 14 672 tests de mesure du rayonnement environnemental sur tous les sites opérationnels.

Paramètre de surveillance des rayonnements	Mesures
Limite annuelle d'exposition aux radiations	1 millisievert
Points de surveillance des radiations totales	237 stations de surveillance
Taux de conformité	99.8%

Investissement dans les technologies de restauration et de restauration environnementales

Alloué 24,5 millions de dollars pour la restauration environnementale en 2022. Restauré 324 hectares de terrain sur les sites miniers.

Projet de restauration	Investissement	Zone restaurée
Site de la rivière McArthur	9,6 millions de dollars	127 hectares
Site du lac cigare	8,3 millions de dollars	92 hectares
Site de lac clé	6,6 millions de dollars	105 hectares

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.