News release
Saskatoon
Saskatchewan
Canada
supplement dated November 12, 2024, to its short form base shelf prospectus dated November 12, 2024.
US Department of Energy to Jumpstart Nuclear Supply Chain and Accelerate
Deployment of Westinghouse AP1000® reactors
June 23, 2026
Cameco Corporation (TSX: CCO; NYSE: CCJ) welcomes the US Department of
Energy (DOE) Office of Energy Dominance Financing (EDF) regarding its conditional commitment for the
American Nuclear Supply Chain Loans to reenergize the large-scale nuclear reactor supply chain, drive down
costs and accelerate the deployment of AP1000 reactors in the US and globally. The DOE
commitment for a loan package of up to US$17.5 billion is expected to provide the majority of the financing for
Westinghouse Electric Company (Westinghouse) to purchase the long-lead time items for up to 10 AP1000
nuclear reactors in the United States.
capacity using the proven AP1000 reactor technology,
the May 23, 2025 Executive Orders and other US government initiatives, we believe the right incentives are being
created to advance the rapid deployment of AP1000 reactors in the US. The expansion of nuclear power in the
United States is expected to create significant opportunities for Westinghouse and Cameco, accelerating growth
procurement and subsequent construction phase.
While this
Westinghouse, its owners, and its partners must satisfy certain technical, legal, environmental, and financial
conditions before DOE enters into definitive financing documents and funds the loan.
Background
Brookfield Renewable Partners (Brookfield) and Cameco acquired Westinghouse in November 2023. The
We expect the DOE loan arrangement to be implemented through a special purpose vehicle of Westinghouse
(SPV) that will administer the loan funding for up to five project funding vehicles jointly owned by Westinghouse
and the applicable partner for the procurement of the long-lead items at a fixed price for two reactors per project.
Both the SPV and the approved partner are required to fully commit their project equity totaling approximately
$500 million each or $1 billion per project upfront prior to accessing DOE loan funds. As approved partners reach
NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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final investment decisions for the applicable projects, the DOE loan is expected to be repaid from the proceeds of
the sale of the long-lead items.
The loan package arrangements contemplated by the conditional commitment are subject to, among other risks,
the factors discussed below under Forward Looking Information and remain subject to
Westinghouse, its owners, and its partners satisfying certain technical, legal, environmental, and financial
conditions with DOE, negotiation and completion of definitive agreements, any required approvals, and other
customary conditions. There can be no assurance that definitive agreements will be entered into or that the
proposed loan package will be completed on the terms currently contemplated, or at all.
We are separately advancing discussions on the strategic partnership entered into among Brookfield, Cameco and
the US Department of Commerce in October 2025.
Caution about Forward-Looking Information
expectations for the future, which we refer to as forward-looking
information. Forward-
identify forward-looking information. Forward- current views, which can change significantly, and
actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news
release include: the entering into the loan package of up to US$17.5 billion, the expected initiation of orders for long-lead items, the
commitment of project equity, the expected repayment of the DOE loan from the proceeds of the sale of long-lead items, and the
negotiation and execution of definitive agreements, satisfaction of closing conditions and any required approvals.
Material risks that could lead to different results include: the risk that definitive agreements are not entered into, that required approvals are
not obtained, that conditions to completion including required technical, legal, environmental and financial conditions are not satisfied, that
the proposed financing terms change materially, or that the proposed transaction is not completed.
In presenting the forward-looking information, Cameco has made material assumptions which may prove incorrect about the ability of the
parties to negotiate and execute definitive agreements, obtain any required approvals, satisfy closing conditions, and complete the
proposed transaction on acceptable terms or at all.
5 annual MD&A, 2026 first quarter MD&A and most recent annual information form for
terial
assumptions we have made. We will not necessarily update this information unless we are required to by securities laws.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based
-grade reserves and low-cost operations, as well as significant investments across
the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the
world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares
trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless
otherwise indicated.
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Investor inquiries Media inquiries
Cory Kos Veronica Baker
306-716-6782 306-385-5541