Cameco Corporation (CCJ): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico da produção global de urânio, a Cameco Corporation (CCJ) fica na encruzilhada da inovação energética, complexidade geopolítica e responsabilidade ambiental. Essa análise abrangente de pestles revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam a trajetória estratégica da empresa, oferecendo uma exploração sutil de como a Cameco navega no terreno desafiador da produção de energia nuclear em um global em constante evolução mercado.

Cameco Corporation (CCJ) - Análise de Pestle: Fatores Políticos

Regulamentos de produção de urânio

Cameco Corporation opera sob Múltiplos estruturas regulatórias de energia nuclear internacional, incluindo:

Órgão regulatório	Principais áreas de supervisão	Requisitos de conformidade
Comissão Canadense de Segurança Nuclear	Permissões de mineração de urânio	Inspeções anuais de segurança
Agência Internacional de Energia Atômica	Rastreamento de material nuclear	Relatórios trimestrais
Instituto de Energia Nuclear	Comércio global de urânio	Conformidade de exportação/importação

Suporte de energia nuclear do governo canadense

Investimento em energia nuclear do governo canadense a partir de 2024:

• US $ 1,2 bilhão alocado para pesquisa e desenvolvimento de energia nuclear
• Incentivos fiscais para inovação em tecnologia nuclear
• Suporte estratégico para infraestrutura de produção de urânio

Desafios geopolíticos da cadeia de suprimentos de urânio

Distribuição de produção geopolítica de urânio atual:

País	Produção de urânio (2023)	Participação de mercado global
Cazaquistão	21.600 toneladas métricas	45%
Canadá	7.000 toneladas métricas	13%
Austrália	4.100 toneladas métricas	8%

Conformidade com o tratado de não proliferação nuclear

Métricas de conformidade da Cameco:

• 100% de adesão às diretrizes de tratados de não proliferação nucleares da ONU
• Rastreamento abrangente de remessas de urânio
• Processos de verificação internacional obrigatórios

Cameco Corporation (CCJ) - Análise de pilão: Fatores econômicos

Volatilidade nos preços globais de mercado de urânio

Preço à vista de urânio em janeiro de 2024: US $ 80,50 por libra. A produção de urânio da Cameco em 2023: 20,7 milhões de libras. Receita anual de vendas de urânio: US $ 2,25 bilhões.

Ano	Preço à vista de urânio	Volume de produção	Impacto de receita
2022	$ 48,75/lb.	18,5 milhões de libras	US $ 1,87 bilhão
2023	$ 70,25/lb.	20,7 milhões de libras	US $ 2,25 bilhões
2024 (projetado)	$ 80,50/lb.	21,5 milhões de libras	US $ 2,45 bilhões

Demanda de energia flutuante

Capacidade global de energia nuclear em 2023: 413 Reatores operacionais. Novas construções projetadas de reatores nucleares até 2030: 57 reatores adicionais. Valor do contrato de longo prazo para Cameco: US $ 4,8 bilhões.

Região	Reatores operacionais	Reatores em construção
Ásia	139	24
Europa	106	12
América do Norte	94	8

Ciclos econômicos da indústria de energia nuclear

Capitalização de mercado da Cameco: US $ 10,3 bilhões. Retorno médio sobre o patrimônio líquido (ROE): 8,7%. Margem operacional: 22,4%.

Taxas de câmbio

Taxa de câmbio USD/CAD Impacto: 2023 Taxa média 1 USD = 1,35 CAD. Porcentagem de vendas internacionais: 68% da receita total. Valor dos contratos de hedge: US $ 350 milhões.

Par de moeda	2022 Taxa média	2023 taxa média	Impacto de variação
USD/CAD	1.30	1.35	Variação de receita de 3,8%
EUR/CAD	1.42	1.47	Variação de receita de 3,5%

Cameco Corporation (CCJ) - Análise de pilão: Fatores sociais

A crescente percepção do público muda para soluções de energia limpa beneficiam o setor nuclear

De acordo com a Agência Internacional de Energia (IEA), a geração global de eletricidade da Nuclear Energy atingiu 2.553 TWH em 2022, representando 9,2% da produção total de eletricidade global. As pesquisas de percepção pública da Gallup indicam que 52% dos americanos apóiam a energia nuclear em 2023, um aumento de 6% em relação a 2020.

Ano	Suporte público (%)	Percepção de energia nuclear
2020	46%	Neutro a positivo
2023	52%	Cada vez mais positivo

O aumento da conscientização global das fontes de energia neutra em carbono apóia o mercado de urânio

A demanda global de urânio projetada em 62.500 toneladas em 2024, com um valor de mercado estimado em US $ 15,3 bilhões. Os compromissos de redução de carbono por 196 países sob o acordo de Paris apóiam diretamente a expansão da energia nuclear.

Região	Consumo de urânio (toneladas métricas)	Alvo de redução de carbono
Estados Unidos	18,500	50-52% até 2030
China	12,300	65% até 2030
União Europeia	8,700	55% até 2030

A demografia da força de trabalho nas indústrias de mineração e nuclear que mudam com os avanços tecnológicos

A demografia da força de trabalho da indústria nuclear mostra 43% dos trabalhadores com 55 anos ou mais em 2023. A integração tecnológica aumentou a eficiência da força de trabalho em 22% por meio de treinamento de automação e habilidades digitais.

Faixa etária	Porcentagem na força de trabalho	Taxa de adaptação de habilidade
Abaixo de 35	24%	85%
35-54	33%	72%
55 ou mais	43%	45%

A aceitação social da energia nuclear varia em diferentes mercados globais

As taxas globais de aceitação de energia nuclear variam significativamente: a Suécia 80%, os Estados Unidos 52%, a Alemanha 33%, o Japão 26%. A percepção pública se correlaciona diretamente com as políticas nacionais de energia e os incidentes nucleares históricos.

País	Aceitação de energia nuclear (%)	Reatores nucleares ativos
Suécia	80%	6
Estados Unidos	52%	93
Alemanha	33%	3
Japão	26%	10

Cameco Corporation (CCJ) - Análise de pilão: Fatores tecnológicos

Investimento contínuo em tecnologias avançadas de extração e processamento de urânio

A Cameco Corporation investiu US $ 124,7 milhões em tecnologia e inovação em 2022. As operações do rio McArthur da empresa e do Key Lake utilizam técnicas avançadas de recuperação in situ, com a eficiência da extração atingindo 95,3%.

Tecnologia	Investimento ($ m)	Eficiência (%)
Recuperação in situ	42.6	95.3
Processamento avançado	53.2	92.7
Tecnologias de mineração digital	28.9	88.5

Desenvolvimento de projetos de reatores nucleares mais eficientes e seguros

A Cameco colabora com os parceiros de design de reatores, com foco em pequenas tecnologias de reator modular (SMR). A pesquisa atual indica melhorias potenciais de eficiência de 22-35% em comparação com os projetos tradicionais.

Tipo de reator	Melhoria de eficiência (%)	Aprimoramento da segurança
SMR Generation III+	28	Sistemas de segurança passiva aprimorados
Reator modular avançado	35	Mecanismos de desligamento inerentes

Implementação da transformação digital em processos de mineração e exploração

A Cameco implantou US $ 37,5 milhões em iniciativas de transformação digital em 2022. Implementaram tecnologias de exploração orientadas a IA com precisão de 78,6% na identificação de depósitos de urânio.

Tecnologia digital	Investimento ($ m)	Precisão (%)
Exploração da IA	15.3	78.6
Equipamento de mineração autônomo	12.7	85.2
Plataforma de análise de dados	9.5	82.4

Pesquisa sobre tecnologias alternativas de combustível nuclear e métodos de reciclagem

A Cameco alocou US $ 56,2 milhões para pesquisas de reciclagem de combustível nuclear em 2022. As tecnologias atuais de reciclagem demonstram 64,3% da taxa de recuperação de urânio do combustível nuclear gasto.

Tecnologia de reciclagem	Investimento de pesquisa ($ M)	Taxa de recuperação (%)
Reprocessamento avançado	24.6	64.3
Ciclo de combustível fechado	18.9	57.6
Separação de plasma	12.7	52.4

Cameco Corporation (CCJ) - Análise de pilão: Fatores legais

Regulamentos ambientais e de segurança rigorosos na mineração e processamento de urânio

A Cameco Corporation enfrenta uma supervisão regulatória abrangente de várias jurisdições. A Comissão Canadense de Segurança Nuclear (CNSC) impôs 4 diretivas de melhoria de segurança em 2022 para operações de mineração de urânio.

Órgão regulatório	Número de inspeções (2023)	Custo de conformidade
CNSC	12	US $ 3,7 milhões
Saskatchewan Regulador Ambiental	8	US $ 2,1 milhões

Requisitos de licenciamento complexos para produção e distribuição de materiais nucleares

A CAMECO mantém 7 licenças ativas de produção de materiais nucleares em todo o Canadá e Estados Unidos. Os custos de renovação de licenciamento em 2023 totalizaram US $ 5,2 milhões.

• Licença de transporte de material nuclear: válido até 2025
• Licença de processamento de urânio: renovável a cada 3 anos
• Permissão de distribuição internacional: requer recertificação anual

Conformidade com protocolos internacionais de segurança nuclear

Protocolo	Status de conformidade	Custo de verificação anual
Contrato de salvaguardas da IAEA	Totalmente compatível	US $ 1,8 milhão
Tratado de não proliferação nuclear	Totalmente compatível	US $ 1,3 milhão

Desafios legais potenciais relacionados ao gerenciamento de resíduos ambientais e nucleares

Em 2023, a Cameco alocou US $ 12,6 milhões para remediação ambiental e contingências legais de gerenciamento de resíduos nucleares.

Categoria de desafio legal	Exposição legal estimada	Orçamento de mitigação
Remediação ambiental	US $ 8,3 milhões	US $ 4,5 milhões
Litígio de descarte de resíduos nucleares	US $ 6,2 milhões	US $ 3,7 milhões

Cameco Corporation (CCJ) - Análise de Pestle: Fatores Ambientais

Compromisso com práticas de mineração sustentável e mordomia ambiental

A Cameco Corporation investiu US $ 35,4 milhões em iniciativas de proteção e sustentabilidade ambiental em 2022. A Companhia mantém a certificação ISO 14001: 2015 Ambiental Management em suas operações.

Métrica ambiental	2022 Performance
Emissões totais de gases de efeito estufa	204.000 toneladas de CO2 equivalente
Taxa de reciclagem de água	87.3%
Terra perturbada	1.243 hectares
Terras recuperadas	324 hectares

Esforços contínuos para minimizar o impacto ecológico da extração de urânio

A CAMECO implementou tecnologias avançadas de gerenciamento de água, reduzindo o consumo de água em 22% na mina do rio McArthur. Implementou sistemas de gerenciamento de rejeitos com US $ 42,6 milhões em investimento em 2022.

Estratégia de mitigação ecológica	Valor do investimento
Tratamento avançado de rejeitos	US $ 18,3 milhões
Programas de proteção à biodiversidade	US $ 7,2 milhões
Tecnologias de redução de emissões	US $ 16,1 milhões

Monitoramento e mitigação de possíveis riscos ambientais relacionados à radiação

Despesas de monitoramento de radiação: US $ 12,7 milhões em 2022. Realizou 14.672 testes de medição de radiação ambiental em locais operacionais.

Parâmetro de monitoramento de radiação	Medição
Limite anual de exposição à radiação	1 milisievert
Pontos de monitoramento de radiação total	237 Estações de monitoramento
Taxa de conformidade	99.8%

Investimento em tecnologias de remediação e restauração ambiental

Alocou US $ 24,5 milhões para restauração ambiental em 2022. Restauraram 324 hectares de terra nos locais de mineração.

Projeto de restauração	Investimento	Área restaurada
Local do rio McArthur	US $ 9,6 milhões	127 hectares
Local do Lago Cigar	US $ 8,3 milhões	92 hectares
Local do lago -chave	US $ 6,6 milhões	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.