Cameco Corporation is one of the world’s largest providers of uranium fuel. We are a pure-play nuclear fuel investment with a proven track record and the strengths to take advantage of the world’s rising demand for safe, reliable, affordable and carbon-free energy. Nuclear energy plants around the world use its uranium products to generate one of the cleanest sources of electricity available today. Our operations and investments span the nuclear fuel cycle, from exploration to enrichment and fuel manufacturing.

Cameco is committed to delivering its products safely and responsibly. Sustainable development principles and practices are integrated at each level of Cameco’s organization, from overall corporate strategy to individual employee practice in day-to-day operations.

Cameco’s corporate objectives are set out under four measures of success: a safe, healthy and rewarding workplace; a clean environment; supportive communities; and outstanding financial performance.

SAFE, HEALTHY, REWARDING WORKPLACE

Cameco is committed to living a strong safety culture, while looking to continually improve. As a result of this commitment, the company has a long history of strong safety performance at its operations and across the organization. In 2021, despite additional disruptions to our business, we continued to protect the health and safety of our employees and executing on all strategic fronts; operational, marketing and financial.

The proactive decisions we have made, and continue to make, to protect our workers and to help slow down the spread of the COVID-19 virus are consistent with our values. Even while production was suspended, we kept and continued to pay all our employees. The health and safety of our workers, their families and their communities continue to be the priority in all our plans, which aligned with the guidance of the relevant health authorities where we operate. We continued to closely monitor and adapt to the developments related to the outbreak of COVID-19.

2021 Highlights:

• In addition to all the safety protocols and measures put in place in 2020, in 2021 we:
  • Suspended production at Cigar Lake for a second time for about four months starting in December 2020.
  • Introduced a requirement that all employees, contractors and visitors be vaccinated across all our operations and offices.
  • Developed a hybrid work model for employees working from home that balances time in the office and remote working in accordance with business needs.

CLEAN ENVIRONMENT

Cameco is committed to being a leading environmental performer. Protection of the environment is one of our highest corporate priorities during all stages of our activities from exploration through development, operations, and decommissioning. Environmental stewardship is embedded in how we operate. This is done by keeping risks as low as reasonably achievable and looking for opportunities to move beyond regulatory requirements. Progress is tracked by monitoring the air, water and land near the company’s operations, and by measuring the amount of energy used and the amount of waste generated. This information helps Cameco identify opportunities to improve.

2021 Highlights:

• Ongoing investment in the Vision in Motion project in Port Hope. While there was progress earlier in the year, work on the Vision in Motion project in 2021 was suspended due to actions taken by the Ontario government to limit all non-essential construction activity.
• Continued focus on improving operational effectiveness across our operations, including the use of digital and automation technologies with a particular goal of reducing operating costs and increasing operational flexibility when it comes time to restart the McArthur River/Key Lake operation.
• Energy management improvements at our Saskatchewan operations.
• progressive decommissioning activities on historical components of our Rabbit Lake and Key Lake operations as well as at our in-situ recovery operations in the United States
• Containment system upgrades.

SUPPORTIVE COMMUNITIES

Gaining the trust and support of our communities, our Indigenous partners, and governments is necessary to sustain our business. We earn support and trust through excellent safety and environmental performance, by proactively engaging our stakeholders in an open and transparent way, and by making a difference in communities wherever we operate. We are a leading industrial employer of Indigenous peoples in Canada, and a six-time Gold award winner through the Progressive Aboriginal Relations program as judged by the Canadian Council for Aboriginal Business. Since 2004, we have procured nearly $4.03 billion in services from local suppliers in northern Saskatchewan. These efforts are critical to obtaining and maintaining the necessary regulatory approvals.

2021 Highlights:

• Hosted a Microsoft Teams Live event in support of the Cigar Lake licence renewal in lieu of in-person meetings, adapting to the health and safety concerns associated with the COVID-19 pandemic. Engagement with local communities was primarily virtual in 2021 in Saskatchewan and Ontario, also in support of the Blind River Refinery licence renewal.
• Over $108.7 million in procurement from locally owned northern Saskatchewan companies (82% of total)
• At December 31, in northern Saskatchewan, 1329 employees (including contractors) were Residents of Saskatchewan’s North (RSN) (51% of total).

TSM PERFORMANCE

Due to difficult uranium market conditions, Cameco has undergone a number of changes to its operations and support functions in recent years, including the suspension of production at McArthur River and Key Lake in early 2018, the suspension of production at Rabbit Lake and curtailment of US production in 2016 and its COVID-19 response and spending production at Cigar Lake in 2020 and 2021. Nonetheless, Cameco remains committed to effective management systems, which is reflected in its strong TSM scores.

Aboriginal and Community Outreach

Cameco’s commitment to meaningful community engagement is reflected in the TSM results for its facilities. Cigar Lake and McArthur River achieved Level AAA performance for all indicators of the Aboriginal and Community Outreach Protocol.

Crisis Management and Communications Planning

Cameco’s corporate office and participating facilities met all of the criteria of the Crisis Management and Communications Planning Protocol.

Safety and Health

Cameco continued to demonstrate high levels of performance in the area of safety and health. Cigar Lake, Key Lake and McArthur River achieved at least Level AA performance for all of the TSM Safety and Health Protocol’s five indicators.

Tailings Management

Cameco has maintained Level A performance in tailings management for its Key Lake operation. The company has been engaged in MAC’s review of the TSM Tailings Management Protocol and is working to implement the new criteria at its facilities.

Water Stewardship

Cameco takes water stewardship very seriously, which is reflected in our TSM scores of level A and higher at Key Lake, McArthur River, and Cigar Lake throughout all water stewardship indicators.

Biodiversity Conservation Management

Cigar Lake, Key Lake and McArthur River maintained strong performance in biodiversity conservation management as well, with at least Level AA performance for all three of the Protocol’s indicators.

Energy Use and GHG Emissions Management

The area of energy use and GHG emissions management represents an opportunity for improvement for Cameco’s facilities. Cigar Lake achieved level A or higher on all indicators. The company is working to enhance its energy management and expects performance for this Protocol to improve in the coming years for all operations.

ACHIEVEMENTS

Cameco is a six-time Gold award winner through the Progressive Aboriginal Relations program, as judged by the Canadian Council for Aboriginal Business. It is a leading employer of Indigenous peoples in Canada and has procured nearly $3.8 billion in services from local suppliers in northern Saskatchewan since 2004. For more information on Cameco’s social and environmental performance, please review its Sustainable Development report at www.cameco.com/about/sustainability.

MAC has named Cameco a finalist for one if its prestigious TSM Excellence Awards, in recognition of our 2021 project geared at Indigenous training and upskilling for the future in northern Saskatchewan. These 15 training courses are designed to prepare northern Saskatchewan residents to apply for employment at mine sites and to enhance skills that can be applied to other employment opportunities in their local communities.

For more information, please visit www.cameco.com