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. 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 2020, the world experienced unprecedented and challenging times due to the impact of the Coronavirus (COVID-19) pandemic. Consistent with our values, the health and safety of our workers, their families and their communities were our priority in 2020. Following the precautions and restrictions enacted by all levels of government where we operate and considering the unique circumstances at each of our operating sites, we proactively implemented a number of measures and made a number of decisions to ensure a safe working environment for all our workers and to help slow down the spread of the virus.

2020 Highlights:

• Suspended production at Cigar Lake, twice. The first suspension ran approximately five months from late March through the end of August. The second suspension was announced in mid-December and continues into 2021.
• Suspended production at the Port Hope UF6 conversion plant and at the Blind River refinery in April for approximately four weeks.
• Withdrew our 2020 outlook.
• Continued to pay all our employees.
• Set up and awarded COVID-19 Relief Funds totaling $1.25 million to support our northern Saskatchewan and Ontario communities impacted by the virus.
• Delivered 1,200 care packages containing essential supplies that residents of remote northern communities were having difficulty obtaining and provided significant numbers of personal protective equipment (PPE), including masks, gloves and hand sanitizer, to these same communities.
• Provided PPE to Port Hope and Blind River hospitals and police services in Ontario.

CLEAN ENVIRONMENT

Cameco is committed to being a leading environmental performer. 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.

2020 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 2020 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 and remediation of the groundwater issue discovered in 2018 at our Key Lake operation.

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 $3.92 billion in services from local suppliers in northern Saskatchewan. These efforts are critical to obtaining and maintaining the necessary regulatory approvals.

2020 Highlights:

• Over $67 million in procurement from locally owned northern Saskatchewan companies (81% of total).
• As of December 31, in northern Saskatchewan, 326 of our employees (including contractors) were Residents of Saskatchewan’s North (RSN) (49% of total), compared to 493 RSN employees at the end of 2019 886 (55.6% of total). While the number of employees declined as a result of the COVID-19 pandemic and suspension of production at the Cigar Lake operation, we maintained almost the half of the RSN workforce.

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 twice spending production at the operation in 2020. 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, Key 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. The company is working to enhance its energy management and expects performance for this protocol to improve in the coming years.

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 awarded Cameco one if its prestigious TSM Excellence Awards in 2020, in recognition of our innovative sustainability projects focused on community engagement and environmental stewardship. Cameco won for its Community Based Environmental Monitoring Program (CBEMP). CBEMP is a component of the collaboration agreement signed between Cameco, Orano, four municipalities and three First Nations in northern Saskatchewan. It builds off 18 years of regional data collection through the former Athabasca Working Group Environmental Monitoring Program.

For more information, please visit www.cameco.com