Class 2 Environmental Allow Obtained

“Our disciplined technique aligns our advertising, operational, and financially targeted selections. From a advertising perspective, now we have contracts in each our uranium and gasoline companies segments which have deliveries spanning greater than a decade. Nevertheless, in a market the place we’re seeing sustained, constructive momentum for nuclear vitality, we’re persevering with to be selective in committing our unencumbered, tier-one, in-ground uranium stock and UF ₆ conversion capability below long-term contracts, to seize higher upside for a few years to return.

“The advertising aspect of our technique guides our operational selections to make sure our provide aligns with our commitments, so we stability our manufacturing charges, stock place, long-term purchases, product loans, and near-term market purchases with a view to ship full-cycle worth. This previous quarter was a great instance of that prudent administration of our provide sources, with our 2024 uranium manufacturing outlook rising from 22.4 million kilos (our share) of uranium, to as much as 23.1 million kilos (our share) of uranium, because of robust manufacturing from McArthur River/Key Lake. The upper manufacturing stage for 2024 is absolutely dedicated inside our contract portfolio and permits us to rebalance our different provide sources, together with a partial offset of the rise in Saskatchewan by decrease manufacturing and purchases from JV Inkai, the place we now count on manufacturing of seven.7 million kilos (100% foundation) of uranium, down about 600,000 kilos of uranium from final yr as a result of ongoing acid provide challenges in Kazakhstan.

“The advertising and operational selections set the stage for the monetary aspect of our technique, below which we count on robust money circulate technology to underpin our conservative capital allocation priorities. These priorities embrace a deal with debt administration, as is obvious with the prudent refinancing actions now we have undertaken in 2024, and the prepayment of a big portion of the time period mortgage we utilized to buy Westinghouse.

“We’re persevering with to see a constructive shift in authorities, business and public assist for nuclear vitality, additional supported by current bulletins between utilities, reactor builders, and the commercial vitality customers, who are actually extending monetary assist to make sure future entry to wash, dependable and scalable nuclear energy. Cameco, with our belongings and investments throughout the gasoline and reactor life cycles, is uniquely positioned to learn from these tailwinds as a accountable, industrial provider with a number of long-lived, tier-one belongings in dependable jurisdictions, confirmed working expertise, and a powerful stability sheet to execute our technique. In a market the place we’re seeing sustained, constructive momentum for nuclear vitality, we imagine our disciplined technique will enable us to realize our imaginative and prescient of ‘energizing a clean-air world’ in a fashion that displays our values, together with a dedication to handle the dangers and alternatives that we imagine will make our enterprise sustainable over the long run.”

• Dividend: Our board of administrators declared a 2024 annual dividend of $0.16 per widespread share, payable on December 13, 2024, to shareholders of report on November 27, 2024. The choice to declare an annual dividend is reviewed often by our board in context of our money circulate, monetary place, technique and different related components, together with acceptable alignment with the cyclical nature of our earnings. To acknowledge the return to our tier-one manufacturing price, and in keeping with the ideas of our capital allocation framework, now we have really helpful to our board of administrators a dividend progress plan for consideration. Primarily based on our plan, we count on an annual improve of at the least $0.04 per widespread share over the fiscal intervals 2024 by 2026, to realize a doubling of the 2023 dividend from $0.12 per widespread share, to $0.24 per widespread share. In 2022, the board elevated the dividend by 50% to mirror the anticipated enchancment in our monetary efficiency as we started the transition to our tier-one run price.
• Monetary outcomes impacted by buy accounting: Third quarter outcomes mirror regular quarterly variations in gross sales volumes, in addition to delayed gross sales for Joint Enterprise Inkai (JV Inkai) resulting from continued transportation challenges, and the continued affect of buy accounting for Westinghouse. Internet earnings had been $7 million, adjusted internet losses had been $3 million, and adjusted EBITDA was $308 million. Throughout the first 9 months of the yr, internet earnings of $36 million and adjusted internet earnings of $115 million had been decrease, whereas adjusted EBITDA of $1.0 billion was greater than in 2023. Adjusted internet earnings and adjusted EBITDA are non-IFRS measures, see under.
• Robust 2024 monetary outlook: We proceed to count on robust money circulate technology. Because of the continued strengthening of the US greenback, now we have up to date our alternate price assumption to mirror the common price year-to-date in 2024 of $1.00 (US) for $1.35 (Cdn) (beforehand $1.00 (US) for $1.30 (Cdn)). In consequence, our anticipated uranium common realized value elevated to $77.80 per pound (beforehand $74.70 per pound), driving up a number of monetary outlook metrics, together with estimated consolidated income for the yr, which is now anticipated to be about $3.01 billion to $3.16 billion (beforehand $2.85 billion to $3.0 billion), and our outlook for our share of Westinghouse’s 2024 adjusted EBITDA, which is now anticipated to be between $460 million and $530 million (beforehand $445 million to $510 million). See Outlook for 2024 in our third quarter MD&A for extra info. Adjusted EBITDA attributable to Westinghouse is a non-IFRS measure, see under.
• Robust uranium section efficiency: In our uranium section, manufacturing volumes for the third quarter and for the primary 9 months of the yr had been robust. Increased revenues and gross revenue in comparison with final yr had been primarily pushed by greater gross sales quantity and better Canadian greenback common realized value. Deliveries of seven.3 million kilos throughout the quarter had been greater than the identical interval in 2023, whereas deliveries of 20.8 million kilos year-to-date had been barely decrease than the identical interval final yr resulting from regular quarterly variations, though it remained in keeping with the supply sample disclosed in our annual MD&A. Our annual expectation for uranium deliveries of between 32 million and 34 million kilos stays unchanged. See Uranium in our third quarter MD&A for extra info.
• Elevated 2024 uranium manufacturing outlook: We up to date our 2024 manufacturing outlook to be as much as 37.0 million kilos (as much as 23.1 million kilos our share) of uranium, to advance our technique consistent with the constructive market momentum and to satisfy our commitments below our long-term contracts. The upper deliberate annual manufacturing stage is as a result of constant run price on the Key Lake mill, which we now count on to provide 19 million kilos (100% foundation) of uranium in 2024 (beforehand 18 million kilos of uranium), partially offset by decrease anticipated manufacturing and purchases from JV Inkai. Anticipated market and dedicated purchases for 2024 have been realigned to account for the elevated uncertainty on the timing of receipt of our remaining share of 2024 manufacturing from JV Inkai. We’ve got both taken supply of, or have commitments for, the vast majority of our anticipated 2024 market purchases, however could search for extra alternatives so as to add to our stock. See Outlook   for 2024 in our third quarter MD&A for extra info.
• Inkai manufacturing decrease than beforehand anticipated: At JV Inkai, manufacturing for the third quarter was just like final yr, however decrease for the primary 9 months of this yr in comparison with the identical interval in 2023, resulting from variations within the annual mine plan, a shift within the acidification schedule for brand spanking new wellfields, and unstable acid provide all year long. Most annual anticipated manufacturing is now estimated to be roughly 7.7 million kilos (100% foundation) of uranium, because the earlier goal of 8.3 million kilos of uranium was contingent upon receipt of ample volumes of sulfuric acid in accordance with a particular schedule and is now deemed unachievable. The primary cargo containing roughly 2.3 million kilos of our share of Inkai’s 2024 manufacturing has arrived on the Canadian port and is predicted to reach on the Blind River refinery earlier than the top of 2024. The timing for the cargo of our remaining share of 2024 manufacturing is unsure, and our allocation of this yr’s deliberate manufacturing from JV Inkai stays below dialogue. The timing of deliveries from JV Inkai impacts our share of earnings from equity-accounted investee and the timing of receipt of our share of dividends. An up to date NI 43-101 technical report for the Inkai mine is being finalized and is predicted to be filed below Cameco’s profile on SEDAR+ inside 45 days of this launch. Modifications to the mineral reserves, manufacturing profile, prices, sensitivities, environmental and regulatory issues, and different scientific and technical info can be up to date within the related sections of the report.
• Stable adjusted EBITDA from Westinghouse: Whereas Westinghouse reported a internet lack of $57 million (our share), for the third quarter in comparison with $47 million (our share) within the second quarter, adjusted EBITDA was $122 million, in comparison with $121 million within the second quarter. Attributable to regular variability within the timing of its buyer necessities, and supply and outage schedules, we count on to see stronger efficiency from the Westinghouse section within the fourth quarter, with greater anticipated money flows. Buy accounting, which required the revaluation of Westinghouse’s stock and different belongings on the time of acquisition, and the expensing of sure non-operating acquisition-related transition prices continues to affect quarterly earnings and our 2024 earnings outlook. See Outlook   for 2024 and Our earnings from Westinghouse in our third quarter MD&A for extra info.
• Selective long-term contracting, sustaining publicity to greater costs: As of September 30, 2024, we had commitments requiring supply of a median of about 29 million kilos per yr from 2024 by 2028. We even have contracts in our uranium and gasoline companies segments that span greater than a decade, and in our uranium section, a lot of these contracts profit from market-related pricing mechanisms. As well as, now we have a big and rising pipeline of enterprise below dialogue each on- and off-market, which we count on will assist additional construct our long-term contract portfolio.
• Sustaining monetary self-discipline and balanced liquidity to execute on technique:
  • Robust stability sheet: As of September 30, 2024, we had $197 million in money and money equivalents and $1.3 billion in whole debt, demonstrating our capacity to take care of liquidity whereas prioritizing compensation of our time period mortgage debt. As well as, now we have a $1.0 billion undrawn credit score facility, which matures October 1, 2028. We proceed to count on robust money circulate technology in 2024.
  • Centered debt discount : Due to our risk-managed monetary self-discipline, and powerful money place, within the third quarter we continued to prioritize the discount of the floating-rate time period mortgage used to finance the Westinghouse acquisition, repaying one other $100 million (US) of the remaining $300 million (US) principal excellent. We plan to proceed to prioritize compensation of the remaining $200 million (US) excellent principal on the time period mortgage whereas balancing our liquidity and money place.
  • Sustaining monetary flexibility : We plan to file a brand new base shelf prospectus within the fourth quarter as the present prospectus expired in October.
• Modifications to the chief staff: Efficient October 7, 2024, David Doerksen was appointed senior vice-president and chief advertising officer, overseeing the worldwide advertising staff within the improvement and execution of Cameco’s advertising technique, and Lisa Aitken was appointed vice-president, advertising.

Consolidated monetary outcomes

The monetary info introduced for the three months and 9 months ended September 30, 2023, and September 30, 2024, is unaudited.

Chosen section highlights

The desk under exhibits the prices of produced and bought uranium incurred within the reporting intervals (see non-IFRS measures under). These prices don’t embrace care and upkeep prices, promoting prices comparable to royalties, transportation and commissions, nor do they mirror the affect of opening inventories on our reported price of gross sales.

Non-IFRS measures

The non-IFRS measures referenced on this doc are supplemental measures, that are used as indicators of our monetary efficiency. Administration believes that these non-IFRS measures present helpful supplemental info to buyers, securities analysts, lenders and different events in assessing our operational efficiency and our capacity to generate money flows to satisfy our money necessities. These measures will not be acknowledged measures below IFRS, should not have standardized meanings, and are due to this fact might not be corresponding to equally titled measures introduced by different corporations. Accordingly, these measures shouldn’t be thought-about in isolation or as an alternative choice to the monetary info reported below IFRS. We’re not in a position to reconcile our forward-looking non-IFRS steerage as a result of we can’t predict the timing and quantities of discrete objects, which may considerably affect our IFRS outcomes.

The next are the non-IFRS measures used on this doc.

ADJUSTED NET EARNINGS

Adjusted internet earnings is our internet earnings attributable to fairness holders, adjusted for non-operating or non-cash objects comparable to positive factors and losses on derivatives and changes to reclamation provisions flowing by different working bills, that we imagine don’t mirror the underlying monetary efficiency for the reporting interval. Different objects may be adjusted every so often. We modify this measure for sure of the objects that our equity-accounted investees make in arriving at different non-IFRS measures. Adjusted internet earnings is without doubt one of the targets that we measure to type the premise for a portion of annual worker and government compensation (see Measuring our outcomes in our 2023 annual MD&A).

In calculating ANE we modify for derivatives. We don’t use hedge accounting below IFRS and, due to this fact, we’re required to report positive factors and losses on all hedging exercise, each for contracts that shut within the interval and people who stay excellent on the finish of the interval. For the contracts that stay excellent, we should deal with them as if they had been settled on the finish of the reporting interval (mark-to-market). Nevertheless, we don’t imagine the positive factors and losses that we’re required to report below IFRS appropriately mirror the intent of our hedging actions, so we make changes in calculating our ANE to higher mirror the affect of our hedging program within the relevant reporting interval. See Overseas alternate in our 2023 annual MD&A for extra info.

We additionally modify for modifications to our reclamation provisions that circulate immediately by earnings. Each quarter we’re required to replace the reclamation provisions for all operations primarily based on new money circulate estimates, low cost and inflation charges. This usually leads to an adjustment to an asset retirement obligation asset along with the supply stability. When the belongings of an operation have been written off resulting from an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded on to the assertion of earnings as “different working expense (earnings)”. See be aware 10 of our interim monetary statements for extra info. This quantity has been excluded from our ANE measure.

Because of the change in possession of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories on the acquisition date had been revalued primarily based available on the market value at that date. As these portions are offered, Westinghouse’s price of services offered mirror these market values, no matter their historic prices. Our share of those prices is included in earnings from equity-accounted investees and recorded in price of services offered within the investee info (see be aware 7 to the monetary statements). Since this expense is non-cash, outdoors of the traditional course of enterprise and solely occurred as a result of change in possession, now we have excluded our share from our ANE measure.

Westinghouse has additionally expensed some non-operating acquisition-related transition prices that the buying events agreed to pay for, which resulted in a discount within the buy value paid. Our share of those prices is included in earnings from equity-accounted investees and recorded in different bills within the investee info (see be aware 7 to the monetary statements). Since this expense is outdoors of the traditional course of enterprise and solely occurred as a result of change in possession, now we have excluded our share from our ANE measure.

To facilitate a greater understanding of those measures, the desk under reconciles adjusted internet earnings with our internet earnings for the third quarter and first 9 months of 2024 and compares it to the identical intervals in 2023.

The next desk exhibits what contributed to the change in adjusted internet earnings (non-IFRS measure, see above) for the third quarter and first 9 months of 2024 compares to the identical intervals in 2023.

EBITDA

EBITDA is outlined as internet earnings attributable to fairness holders, adjusted for the prices associated to the affect of the corporate’s capital and tax construction together with depreciation and amortization, finance earnings, finance prices (together with accretion) and earnings taxes. Included in EBITDA is our share of equity-accounted investees.

ADJUSTED EBITDA

Adjusted EBITDA is outlined as EBITDA, as additional adjusted for the affect of sure prices or advantages incurred within the interval that are both not indicative of the underlying enterprise efficiency or that affect the power to evaluate the working efficiency of the enterprise. These changes embrace the quantities famous within the ANE definition.

In calculating adjusted EBITDA, we additionally modify for objects included within the outcomes of our equity-accounted investees that aren’t changes to reach at our ANE measure. This stuff are reported as a part of different bills throughout the investee monetary info and will not be consultant of the underlying operations. These primarily embrace transaction, integration and restructuring prices associated to acquisitions.

The corporate could understand related positive factors or incur related expenditures sooner or later.

ADJUSTED EBITDA MARGIN

Adjusted EBITDA margin is outlined as adjusted EBITDA divided by income for the suitable interval.

EBITDA, adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures which permit us and different customers to evaluate outcomes of operations from a administration perspective with out regard for our capital construction.

To facilitate a greater understanding of those measures, the tables under reconcile internet earnings with EBITDA and adjusted EBITDA for the third quarter and first 9 months of 2024 and 2023.

For the quarter ended September 30, 2024:

For the quarter ended September 30, 2023:

For the 9 months ended September 30, 2024:

For the 9 months ended September 30, 2023:

CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM

Money price per pound, non-cash price per pound and whole price per pound for produced and bought uranium are non-IFRS measures. We use these measures in our evaluation of the efficiency of our uranium enterprise. These measures will not be essentially indicative of working revenue or money circulate from operations as decided below IFRS.

To facilitate a greater understanding of those measures, the desk under reconciles these measures to price of product offered and depreciation and amortization for the third quarter and first 9 months of 2024 and 2023.

Administration’s dialogue and evaluation (MD&A) and monetary statements

The third quarter MD&A and unaudited condensed consolidated interim monetary statements present an in depth rationalization of our working outcomes for the three and 9 months ended September 30, 2024, as in comparison with the identical intervals final yr. This information launch must be learn together with these paperwork, in addition to our audited consolidated monetary statements and notes for the yr ended December 31, 2023, first quarter, second quarter and annual MD&A, and our most up-to-date annual info type, all of which can be found on our web site at cameco.com, on SEDAR+ at sedarplus.ca, and on EDGAR at sec.gov/edgar.shtml.

Certified individuals

The technical and scientific info mentioned on this doc for our materials properties McArthur River/Key Lake, Cigar Lake and Inkai was accredited by the next people who’re certified individuals for the needs of NI 43-101:

MCARTHUR RIVER/KEY LAKE

• Greg Murdock, common supervisor, McArthur River, Cameco
• Daley McIntyre, common supervisor, Key Lake, Cameco

CIGAR LAKE

• Kirk Lamont, common supervisor, Cigar Lake, Cameco

INKAI

• Sergey Ivanov, deputy director common, technical companies, Cameco Kazakhstan LLP

Warning about forward-looking info

This information launch contains statements and details about our expectations for the long run, which we confer with as forward-looking info. Ahead-looking info relies on our present views, which may change considerably, and precise outcomes and occasions could also be considerably totally different from what we presently count on. Examples of forward-looking info on this information launch embrace: our view that our third quarter operational efficiency helps our return to a tier-one price construction, and that there’s a development of bettering operational efficiency and money circulate technology, backed by steady and rising market costs; our monetary outlook for each Cameco and Westinghouse; our expectation of continued strengthening of the business’s long run prospects; our really helpful dividend progress plan and expectations concerning dividend funds, and will increase by 2026; our notion of sustained, constructive momentum for nuclear vitality, and our capacity to seize higher upside in future years; our view that our technique will align with our commitments, allowing us to ship fully-cycle worth; our 2024 uranium manufacturing outlook; our capacity to rebalance our provide sources; our manufacturing expectations for JV Inkai; our expectation of robust money circulate technology, and intention to prioritize debt administration and discount whereas sustaining liquidity and powerful money circulate technology; our notion of a constructive shift in authorities, business and public assist for nuclear vitality, and persevering with monetary assist for entry to nuclear energy; our perception that Cameco is uniquely positioned to learn from these developments; our anticipated capacity to realize our imaginative and prescient, together with a dedication to make our enterprise sustainable over the long run; our anticipated uranium common realized costs, manufacturing and deliveries and outlook for our share of Westinghouse’s 2024 adjusted EBITDA, in addition to its efficiency and money flows; anticipated Key Lake Mill and JV Inkai manufacturing ranges, and timing of shipments and deliveries; the anticipated timing of the finalization and submitting of a brand new technical report for the Inkai mine; our expectations concerning the constructing of our long-term contract portfolio and pipeline of enterprise below dialogue; our intention to file a brand new base shelf prospectus within the fourth quarter; and the timing of our third quarter convention name and announcement of our 2024 fourth quarter and annual outcomes.

Materials dangers that might result in totally different outcomes embrace: surprising modifications in uranium provide, demand, long-term contracting, and costs; modifications in client demand for nuclear energy and uranium on account of altering societal views and goals concerning nuclear energy, electrification and decarbonization; the chance that our views concerning nuclear energy, its progress profile, and advantages, could show to be incorrect; the chance that we could not have the ability to obtain deliberate manufacturing ranges throughout the anticipated timeframes, or that the prices concerned in doing so exceed our expectations; the chance that the manufacturing ranges at Inkai might not be at anticipated ranges as a result of unavailability of ample volumes of sulfuric acid or for another purpose, or that it could not have the ability to ship its manufacturing when anticipated, dangers to Westinghouse’s enterprise related to potential manufacturing disruptions, the implementation of its enterprise goals, compliance with licensing or high quality assurance necessities, or that it could in any other case be unable to realize anticipated progress; the chance that we could not have the ability to meet gross sales commitments for any purpose; the dangers to our enterprise related to potential manufacturing disruptions, together with these associated to international provide chain disruptions, international financial uncertainty, political volatility, labour relations points, and working dangers; the chance that we could not have the ability to implement our enterprise goals in a fashion per our environmental, social, governance and different values; the chance that the technique we’re pursuing could show unsuccessful, or that we could not have the ability to execute it efficiently; the chance that Westinghouse could not have the ability to implement its enterprise goals in a fashion per its or our environmental, social, governance and different values; the submitting of our new base shelf prospectus or the brand new technical report for the Inkai mine could also be delayed for unanticipated causes; we could also be unable to pay dividends on our widespread shares by 2026 within the quantities we presently count on; and the chance that we could also be delayed in saying our future monetary outcomes.

In presenting the forward-looking info, now we have made materials assumptions which can show incorrect about: uranium demand, provide, consumption, long-term contracting, progress within the demand for and international public acceptance of nuclear vitality, and costs; our manufacturing, purchases, gross sales, deliveries and prices; the market situations and different components upon which now we have primarily based our future plans and forecasts; our contract pipeline discussions; Inkai manufacturing, its receipt of ample volumes of sulfuric acid, and our allocation of deliberate manufacturing and timing of deliveries; assumptions about Westinghouse’s manufacturing, purchases, gross sales, deliveries and prices, the absence of enterprise disruptions, and the success of its plans and techniques; the success of our plans and techniques, together with deliberate manufacturing; the absence of latest and opposed authorities laws, insurance policies or selections; that there is not going to be any important opposed penalties to our enterprise ensuing from manufacturing disruptions, together with these relating to provide disruptions, financial or political uncertainty and volatility, labour relation points, growing old infrastructure, and working dangers; the assumptions referring to Westinghouse’s adjusted EBITDA; the submitting of our new base shelf prospectus and the brand new technical report for the Inkai mine is not going to be delayed for unanticipated causes; annual dividends on our widespread shares can be declared and paid within the quantities we anticipated by 2026 and our capacity to announce future monetary outcomes when anticipated.

Please additionally overview the dialogue in our 2023 annual MD&A, our 2024 first and second quarter MD&A and our most up-to-date annual info type for different materials dangers that might trigger precise outcomes to vary considerably from our present expectations, and different materials assumptions now we have made. Ahead-looking info is designed that will help you perceive administration’s present views of our near-term and longer-term prospects, and it might not be acceptable for different functions. We is not going to essentially replace this info except we’re required to by securities legal guidelines.

Convention name

We invite you to hitch our third quarter convention name on Thursday, November 7, 2024, at 8:00 a.m. Japanese.

The decision can be open to all buyers and the media. To affix the decision, please dial (844) 763-8274 (Canada and US) or (647) 484-8814. An operator will put your name by. The slides and a reside webcast of the convention name can be accessible from a hyperlink at cameco.com. See the hyperlink on our residence web page on the day of the decision.

A recorded model of the proceedings can be accessible:

• on our web site, cameco.com, shortly after the decision
• on put up view till midnight, Japanese, December 7, 2024, by calling (855) 669-9658 (Canada/ USA toll-free) or (412) 317-0088 (Worldwide toll) (Passcode 7713061)

2024 fourth quarter and annual report launch date

We plan to announce our 2024 fourth quarter and annual consolidated monetary and working outcomes earlier than markets open on February 20, 2025. Announcement dates are topic to alter.

Profile

Cameco is without doubt one of the largest international suppliers of the uranium gasoline wanted to energise a clean-air world. Our aggressive place relies on our controlling possession of the world’s largest high-grade reserves and low-cost operations, in addition to important investments throughout the nuclear gasoline cycle, together with possession pursuits in Westinghouse Electrical Firm and World Laser Enrichment. Utilities world wide depend on Cameco to supply international nuclear gasoline options for the technology of protected, dependable, carbon-free nuclear energy. Our shares commerce on the Toronto and New York inventory exchanges. Our head workplace is in Saskatoon, Saskatchewan, Canada.

As used on this information launch, the phrases we, us, our, the Firm and Cameco imply Cameco Company and its subsidiaries except in any other case indicated.

View supply model on businesswire.com: https://www.businesswire.com/information/residence/20241106081013/en/

Investor inquiries:

Cory Kos
306-716-6782
cory_kos@cameco.com

Media inquiries:

Veronica Baker
306-385-5541
veronica_baker@cameco.com