CCJ Cameco Corporation

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the month of April, 2025

Cameco Corporation

(Commission file No. 1-14228)

2121-11th Street West

Saskatoon, Saskatchewan, Canada S7M 1J3

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F        Form 40-F  ü  

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes       No  ü   

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Exhibit Index

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1

Exhibit 99.2

		Notice and Access Notification to Shareholders
		Notice of 2025 Annual Meeting of Shareholders and Notice of Availability of Meeting Materials

Cameco Corporation (the Company) has adopted the notice-and-access method for delivery of its meeting materials to its shareholders. As a registered or non-registered shareholder you are receiving this notification to advise that the meeting materials in connection with the 2025 annual meeting of shareholders are available online. The use of this alternate means of delivery is permitted by Canadian securities regulators and minimizes the use of printed paper materials to reduce printing, paper and mailing costs associated with the annual meeting of shareholders.

The Company has posted online electronic copies of the management proxy circular and the Company’s 2024 annual report (which includes its audited consolidated financial statements for the fiscal year ended December 31, 2024 and related management’s discussion and analysis) (collectively, the meeting materials). Shareholders who have not provided standing instructions to receive meeting materials by mail are receiving this notification, along with either a proxy form or voting instruction form, so they may provide their voting instructions.

Requests for paper copies made before the meeting will be sent to you within three business days of receiving your request. To ensure receipt of the paper copy in advance of the proxy voting deadline and the meeting date, we estimate that your request must be received no later than 4:00 p.m. (Saskatoon time) on April 25, 2025 (this considers the three-business day period for processing requests as well as

typical mailing times). Please note that if you request a paper copy of the meeting materials, you will not receive a new proxy form or voting instruction form, so please keep the original form sent with this notice in order to vote.

Requests for paper copies made on or after the date of the meeting will be sent to you within 10 days after receiving your request.

Please note – You cannot vote by returning this notice. The voting process is different depending on whether you are a registered or non-registered shareholder. You are a registered shareholder if your name appears on your share certificate. You are a non-registered (beneficial) shareholder if your bank, trust company, securities broker, trustee or other financial institution holds your shares (your nominee). This means the shares are registered in your nominee’s name, and you are the beneficial shareholder. To vote in advance of the meeting, choose which of the two voting methods set out below applies to you. You will need your control number contained in the accompanying proxy form or voting instruction form to vote online.

In advance

Registered shareholders - You can vote online at www.meeting-vote.com or by email at proxyvote@tmx.com. You may also vote by fax at 1-416-595-9593 or by completing the proxy form and sending it to TSX Trust Company, Attention: Proxy Department at P.O. Box 721, Agincourt, ON M1S 0A1.

Non-registered shareholders - You can vote online at www.proxyvote.com or by telephone at 1-800-474-7493. You may also vote by completing the voting instruction form and sending it to Data Processing Centre, P.O. Box 3700, Stn Industrial Park, Markham, ON L3R 9Z9.

Submit your voting instructions right away to meet the voting deadline. For your voting instructions to be valid, they must be received by TSX Trust Company before 10:00 a.m. CST on Wednesday, May 7, 2025, or if the meeting is postponed or adjourned, no later than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the meeting is reconvened. Non-registered shareholders must submit their voting instructions before the time specified on the voting information form (which will be at least 24 hours prior to the voting deadline) to allow enough time for voting instructions to be received by the applicable intermediary.

Virtually at the meeting

Registered shareholders and duly appointed proxyholders (including non-registered shareholders who have appointed themselves as proxyholder) can attend the meeting, ask questions and vote, all in real time, by joining the meeting via the internet at https://meetings.lumiconnect.com/400-610-583-908 using the latest version of Chrome, Safari, Edge or Firefox on your computer, tablet or smartphone.

Non-registered shareholders who wish to attend the meeting, ask questions and vote must appoint themselves as proxyholder as described below. Non-registered shareholders who have not appointed themselves as proxyholders may attend as guests but will not be able to vote or ask questions at the meeting.

Appointing a proxyholder

Any shareholder that wishes to appoint a person other than the management nominees identified on the form of proxy or voting instruction form must carefully follow the instructions in the circular and on the form of proxy or voting instruction form. If you are a non-registered shareholder who wishes to appoint themselves as proxyholder to attend and vote at the meeting you must also follow these instructions.

The steps for appointing a proxyholder are different than for an in person meeting and these instructions include the additional step of registering your proxyholder with our transfer agent, TSX Trust Company prior to the meeting but after submitting the form of proxy or voting instruction form. You must follow these instructions closely or your proxyholder will not be able to attend and vote at the meeting on your behalf.

See voting instructions on pages 9 through 15 of the management proxy circular for information on how to vote and other important things to know.

Shareholders with questions or who wish to obtain further information about notice and access can call TSX Trust Company toll free at 1-800-387-0825.

Exhibit 99.3

Message from the Chair of the Board and the President and CEO¹

On behalf of the board of directors and management, we are pleased to invite you to Cameco’s annual meeting of shareholders on Friday, May 9, 2025. The meeting will begin at 10:00 a.m. (CST) and will be held virtually via live webcast from Saskatoon, Saskatchewan to provide all shareholders with equal opportunity to participate in the meeting.

The accompanying management proxy circular provides important information about the business of the meeting, the voting process, this year’s nominated directors, our corporate governance practices, our approach to executive compensation and our 2024 compensation decisions. Your vote is important so please remember to vote your shares.

2024 was an exciting year for Cameco and the nuclear industry. Cameco delivered strong performance across all segments in an industry environment where we are continuing to see significant support for nuclear energy from government, industry and the public. To read more about our 2024 performance, see 2024 Performance and compensation decisions starting on page 88 and Cameco’s 2024 management’s discussion and analysis, available on our website (cameco.com).

The board and management are optimistic about the opportunities for growth that lie ahead, with the acceleration in demand for carbon-free, reliable, secure and affordable baseload electricity. The positive momentum is being driven by global factors that we expect to persist for years to come. Geopolitical uncertainty, energy security, climate change and national security concerns are highlighting the multiple benefits of nuclear energy.

Our strategy

Cameco’s strong performance in 2024 was shaped by a strategic plan centered on marketing, production and financial discipline. The continued execution of the corporate strategy has helped position Cameco to benefit from the favourable fundamentals for nuclear power and the products, services and technologies needed to fuel it. Cameco has done what it said it would do and the disciplined pursuit of our strategy was reflected in the company’s 2024 financial performance.

We will continue to align our production with our contract portfolio and market opportunities demonstrating that we responsibly manage our supply in accordance with our customers’ needs. We will also continue to look for opportunities to improve operational effectiveness, improve our safety performance and reduce our impact on the environment. Thanks to our disciplined strategy, Cameco’s balance sheet is strong and we expect it will enable us to continue executing our strategy while self-managing risk, including risks related to global macro-economic uncertainty and volatility and uncertain trade policy decisions.

With the investment in Westinghouse, Cameco has enhanced its ability to compete for more business by investing in additional nuclear fuel cycle assets that we expect will augment Cameco’s core business and offer more solutions to customers across the nuclear fuel cycle. Westinghouse, like Cameco, has nuclear assets that are strategic, proven, licensed and permitted, and located in geopolitically attractive jurisdictions.

Cameco’s board is engaged and works closely with management. Each regular board meeting includes a discussion of the strategy and its execution to help ensure alignment with our objective of delivering long-term value to Cameco’s shareholders and other stakeholders. To read more about our strategy, see Our strategy starting on page 22 of Cameco’s 2024 management’s discussion and analysis, available on our website (cameco.com).

Community support

We believe that strong relationships with our communities are critical to Cameco’s sustainability and long-term success. We are proud of Cameco’s work in building meaningful and enduring relationships with employees and Indigenous partner communities in northern Saskatchewan and Ontario. Cameco is one of the largest industrial employers of First Nations and Métis people in Canada, and we have dedicated teams for workforce development and community engagement.

Cameco leads and participates in funding support, community initiatives and volunteering to give back and make a difference across Saskatchewan and in our Ontario communities of Port Hope, Cobourg and Blind River. We focus on four areas – youth, education and literacy, health and wellness, and community development – and each year we target one percent of after-tax net earnings for community initiatives and projects.

2025 MANAGEMENT PROXY CIRCULAR 1

Sound governance

The board regularly reviews Cameco’s governance practices, and the board assessment process provides insight into how we can continually enhance governance at Cameco. The expertise and experience of our board and the range of skills and backgrounds of Cameco’s directors brings tremendous value to our strategic direction, oversight of management and our affairs, and governance at Cameco generally.

This year shareholders will be asked to elect 10 directors to the board to serve for a term of one year. Marie Inkster and Peter Kukielski are new nominees who are standing for election for the first time. They bring strong skills and experience in a number of areas including executive leadership, strategy, finance, accounting and audit, operational excellence (including mining), safety, and business growth and transformation. We welcome the expertise, experience and value they will add to our team of engaged and committed board members.

A word of thanks

On behalf of the board and management, we would like to thank Alice Wong for her dedication and countless contributions to Cameco during an outstanding career spanning 37 years. Alice retired at the end of June as senior vice-president and chief corporate officer, and had executive oversight responsibilities for human resources, safety, health, environment, quality, regulatory relations, business technology services, supply chain management, internal audit and corporate ethics and previously held other leadership positions at the company. Her insights, expertise, commitment and mentorship of others are expected to continue to benefit Cameco for years to come.

Looking ahead

Cameco has been invested across the nuclear fuel cycle since its inception in 1988. We have built a strong foundation in Canada alongside regulators and government and have grown into a global leader in the nuclear industry, with the increasing importance of our uranium and fuel services assets, the acquisition of Westinghouse and our movement into the enrichment space. Cameco is recognized as a global company, making a difference on a global scale, and helping to provide something the world needs: carbon-free, safe, reliable and secure baseload electricity. We believe the outlook for nuclear power and nuclear fuel fundamentals is more favourable than it has ever been, and we are optimistic about Cameco’s role in meeting the world’s growing demand for electricity.

Cameco’s senior leadership team has a wealth of experience and industry knowledge gained through long careers in the nuclear energy industry. We have confidence in both their ability, and the next generation of leaders’ ability, to continue to execute on the company’s strategy and achieve our vision. The team is widely respected, conducts itself with integrity, and leads with a demonstrated commitment to safety, people and the environment.

We look forward to hosting you at our annual meeting on May 9, 2025. Your vote is important so please remember to vote your shares. Thank you for your continued confidence in Cameco.

Sincerely,

Catherine Gignac		Tim Gitzel
Chair of the Board		President and Chief Executive Officer

2 CAMECO CORPORATION

[this page intentionally left blank]

2025 MANAGEMENT PROXY CIRCULAR 3

4 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 5

Business of the meeting

Our consolidated financial statements for the year ended December 31, 2024 and the auditor’s report will be received at the meeting.

You can download a copy of our 2024 annual report (which includes our consolidated financial statements for the year ended December 31, 2024 and management’s discussion and analysis (MD&A) and the auditors’ report) on our website (cameco.com/invest/financial-information). You will receive a paper copy of the annual report only if you requested one.

The board recommends you vote for each nominated director. Under the Canada Business Corporations Act (CBCA) requirements for uncontested director elections, you can vote for or against each nominated director (see page 16). Directors must receive a majority of the votes cast in favour of their election in order for their election to be valid.

This year 10 director nominees, all qualified to serve on Cameco’s board, are standing for election to the board to serve for a term of one year. Each elected director will hold office until the next annual meeting of shareholders or until a successor is elected or appointed.

You can read about each of the nominees in the director profiles starting on page 17, including the 2024 voting results for those currently serving on the board. The voting results reflect the number of votes after the reduction of the non-resident vote according to Cameco’s voting restrictions.

Marie Inkster and Peter Kukielski are new nominees and are standing for election for the first time.

The board, on the recommendation of the audit and finance committee, proposes that KPMG LLP (KPMG) be reappointed as our auditors until the end of our next annual meeting. You can vote for reappointing KPMG and authorizing the directors to fix their remuneration, or you can withhold your vote. The board has invited a representative of KPMG to attend the annual meeting.

Auditors reinforce the importance of a diligent and transparent financial reporting process and strengthen investor confidence in our financial reporting. KPMG provides Cameco with three types of services:

6 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 7

The table below shows the fees paid to KPMG and its affiliates for services in 2023 and 2024.

The audit and finance committee pre-approves both audit and non-audit services performed by KPMG, and the committee pre-approved these services in 2024 and 2023.

At our 2024 annual meeting, 67,891,526 votes (86.51%) were for the appointment of KPMG LLP as our auditors and 10,584,429 votes (13.49%) were withheld.

The board is recommending that you vote in favour of our approach to executive compensation. Please take some time to read about our compensation strategy, our compensation program, how we assess performance and how the board makes compensation-related decisions. You can find a full discussion about executive compensation at Cameco starting on page 70.

The board believes this non-binding advisory vote gives shareholders a timely and effective way to give input to the board and the human resources and compensation committee on this important matter.

You can vote for or against our approach to executive compensation by voting on the following resolution:

Be it resolved that, on an advisory basis and not to diminish the role and responsibilities of the board of directors for executive compensation, the shareholders accept the approach to executive compensation disclosed in Cameco’s management proxy circular delivered in advance of the 2025 annual meeting of shareholders.

Last year 77,016,417 votes (98.14%) of the votes were for our approach to executive compensation and 1,459,538 (1.86%) were against.

We did not receive any shareholder proposals for this meeting and are not aware of any other items of business to be considered at the meeting. If other items of business are properly brought before the meeting, you (or your proxyholder) can vote as you deem appropriate.

8 CAMECO CORPORATION

Delivery of meeting materials

We are using notice and access to deliver the meeting materials to shareholders. This means that Cameco will post the meeting materials online for shareholders to access electronically. You will receive a package in the mail with a notice explaining how to access the meeting materials electronically and how to request a paper copy at no charge. Your package will include a proxy form or a voting instruction form so you can vote your shares. Shareholders who have previously elected to receive the meeting materials electronically will receive them by email according to their instructions.

Notice and access and electronic delivery are efficient, environmentally friendly and cost-effective ways to distribute our meeting materials because they reduce printing, paper and postage costs.

You can access the meeting materials on our website at cameco.com/invest/2025-annual-meeting and on SEDAR+ (sedarplus.com). Shareholders are encouraged to read the meeting materials in their entirety before voting.

How to request a paper copy

Please call 1-888-433-6443 (toll free) or 1-416-682-3801 outside Canada and the United States, or send an email to: tsxt-fulfilment@tmx.com.

Please keep the original proxy form or voting instruction form sent to you so you can vote your shares. If you request a paper copy of the meeting materials, it will not come with a new form.

If you have questions about notice and access, please call our transfer agent, TSX Trust Company, toll free at 1-800-387-0825.

Voting

Who can vote

Cameco has common shares and one class B share, which has parity with the common shares. Only holders of our common shares have full voting rights. If you held common shares at the close of business on March 10, 2025, you or the person you appoint as your proxyholder can attend the virtual annual meeting and vote your shares.

Each Cameco common share you own is entitled to one vote, except where ownership and voting restrictions apply. As of March 10, 2025, we had 435,312,083 common shares issued and outstanding.

Principal holders of common shares

Based on a Schedule 13G filing made with the U.S. Securities and Exchange Commission (SEC), we had one principal holder of common shares as of December 31, 2024 – FMR LLC of Boston, MA held 22,639,643 common shares (including its subsidiaries), or approximately 5.2% of our total common shares outstanding.

Management, to the best of its knowledge, is not aware of any other shareholder holding 5% or more of our common shares as of March 10, 2025.

Our class B share

The Province of Saskatchewan holds our one class B share (100% of our class B shares). This entitles the Province to receive notices of and attend all meetings of shareholders, for any class or series. The class B shareholder can only vote at a meeting of class B shareholders, and votes as a separate class if there is a proposal to:

2025 MANAGEMENT PROXY CIRCULAR 9

Ownership and voting restrictions

Restrictions on owning, controlling and voting Cameco common shares are set out in the Eldorado Nuclear Limited Reorganization and Divestiture Act (Canada) (ENL Reorganization Act) and our company articles. See Appendix A on page 113 for the definitions in the ENL Reorganization Act, including definitions of resident and non-resident. Ownership restrictions for non-residents were put in place so that Cameco would remain Canadian controlled.

The following is a summary of the limitations listed in our company articles:

Residents – A Canadian resident, either individually or together with associates, cannot hold, beneficially own or control shares or other Cameco securities, directly or indirectly, representing more than 25% of the total votes that can be cast to elect directors.

Non-residents – A non-resident of Canada, either individually or together with associates, cannot hold, beneficially own or control shares or other Cameco securities, directly or indirectly, representing more than 15% of the total votes that can be cast to elect directors.

Voting restrictions – All votes cast at the meeting by non-residents, either beneficially or controlled directly or indirectly, will be counted and pro-rated collectively to limit the proportion of votes cast by non-residents to no more than 25% of the total shareholder votes cast at the meeting.

Residency declarations

Shareholders are required to declare their residency, ownership of Cameco shares and other factors relating to the restrictions, so we can verify compliance with the ownership of and voting restrictions on our shares. Nominees, brokers and other intermediaries such as banks, trust companies, securities brokers or other financial institutions who hold the shares on behalf of non-registered shareholders need to make the declaration on their behalf.

If you own the shares in your name, you will need to complete the residency declaration online during the live webcast. If you use the proxy form and we do not receive your residency declaration, we may consider you to be a non-resident of Canada.

The chair of the meeting may ask shareholders and their proxyholders for additional information to verify compliance with our ownership and voting restrictions. The chair of the meeting will use the declarations and other information to determine compliance with our ownership restrictions.

Enforcement of ownership and voting restrictions

The company’s articles allow us to enforce the ownership and voting restrictions by suspending voting rights, forfeiting dividends, prohibiting the issue and transfer of Cameco shares, requiring the sale or disposition of Cameco shares, and suspending all other shareholder rights.

10 CAMECO CORPORATION

How to vote

You can vote your shares in advance or vote in real time online at the virtual meeting.

Voting by proxy

Voting by proxy is the easiest way to vote. This means you appoint another person (called a proxyholder) to attend the meeting and vote on your behalf.

Tim Gitzel, president and chief executive officer (CEO) of Cameco, or in his absence Sean Quinn, senior vice-president, chief legal officer and corporate secretary of Cameco, each with full power of substitution (the Cameco proxyholders), have agreed to act as proxyholder to vote your shares for you at the meeting according to your instructions and are the proxyholders named in your proxy form or voting instruction form. You have the right to appoint someone other than the Cameco proxyholders to represent you at the meeting (the person you appoint does not need to be a Cameco shareholder). If you wish to appoint another person as your proxyholder, carefully follow the instructions set out on the following pages.

If you vote in advance and do not appoint another person as your proxyholder, one of the Cameco proxyholders will be your proxyholder.

If you appoint the Cameco proxyholders but do not tell them how you want to vote your shares, your shares will be voted:

All properly executed written proxies, and properly completed proxies submitted by telephone or internet, delivered in accordance with this solicitation, are required to be voted at the meeting consistent with the directions provided in the proxy, unless the proxy is revoked as set out on page 13.

If you are a registered shareholder, we mail the notification directly to you and your package includes a proxy form. We distribute the notification to intermediaries to forward to our non-registered shareholders. For most non-registered shareholders, your package is sent by Broadridge and includes a voting instruction form. We pay the cost of proxy solicitation for all registered and non-registered shareholders (including objecting and non-objecting non-registered shareholders).

Make sure you allow enough time for your instructions to reach our transfer agent if you are sending your completed proxy form or voting instruction form by mail (which is typically will be at least 24 hours prior to the proxy deadline). To be valid, TSX Trust Company, our transfer agent, must receive your voting instructions before 10:00 a.m. CST on Wednesday, May 7, 2025 (the proxy deadline).

If you are a non-registered (beneficial) shareholder, submit your voting instructions right away to allow enough time for your intermediary to receive the information and act on your instructions before the deadline specified in your voting instruction form. If you wish to attend the virtual meeting and vote and ask questions at the meeting, you must appoint yourself as proxyholder.

2025 MANAGEMENT PROXY CIRCULAR 11

12 CAMECO CORPORATION

Cameco and Kingsdale may use the Broadridge QuickVote^TM service to assist non-registered shareholders with voting their shares directly over the telephone. The QuickVote^TM system is intended to assist shareholders in placing their votes, however, there is no obligation for any shareholders to vote using the QuickVote^TM system, and shareholders may vote (or change or revoke their votes) at any other time and in any other applicable manner described in this circular. Any voting instructions provided by a shareholder will be recorded and such shareholder will receive a letter from Broadridge (on behalf of the shareholder’s Intermediary) as confirmation that their voting instructions have been accepted.

2025 MANAGEMENT PROXY CIRCULAR 13

How to join the meeting

As our head office is in Saskatoon, Saskatchewan, we are holding our meeting virtually to facilitate broad shareholder participation. If you are a registered shareholder or a duly appointed proxyholder (including non-registered shareholders who have duly appointed themselves as proxyholder), you will be able to attend the meeting online, vote your shares and submit questions prior to the start of the meeting or during the meeting.

If you are a non-registered shareholder and do not appoint yourself as proxyholder, you may attend the meeting online as a guest, but if you do so you will not be able to vote or ask questions.

Things to note

Log in at least 15 minutes prior to the start of the meeting. Be sure to stay connected to the internet at all times in order to vote when the balloting begins. It is your responsibility to make sure you stay connected to the internet for the duration of the meeting.

If you lose connectivity once the meeting has started, there may not be sufficient time to resolve your issue before the balloting begins. Even if you plan to attend the meeting, you should consider voting your shares in advance so that your vote will be counted in case you decide later not to attend the meeting or if you experience technical difficulties and are unable to vote in real time.

Voting at the meeting can only be done by accessing the live webcast through the meeting portal. If Cameco shareholders (or their proxyholders) encounter any difficulties accessing the meeting during the log-in process, they can attend the meeting by clicking “Guest” and completing the online form. The virtual platform is fully supported across Internet browsers and devices (desktops, laptops, tablets and smartphones) running the most up-to-date version of applicable software and plugins. Cameco shareholders (or their proxyholders) should ensure that they have a strong Internet connection if they plan to attend and/or participate in the meeting. Meeting participants should allow plenty of time to log in and ensure that they can hear streaming audio prior to the start of the meeting. You can access technical support at: support-ca@lumiglobal.com.

Asking questions

We are committed to shareholder engagement and believe that the virtual meeting format helps facilitate broader shareholder participation than an in-person meeting because our head office is in Saskatoon, Saskatchewan.

Registered shareholders and duly appointed proxyholders (including non-registered shareholders who have appointed themselves as proxyholders) can ask questions related to the business of the meeting. Questions directly related to a particular motion will be addressed once that motion has been introduced.

Once the formal business of the meeting has concluded, registered shareholders and duly appointed proxyholders (including non-registered shareholders who have appointed themselves as proxyholders) will have the opportunity to ask questions that do not relate to the formal business of the meeting. We will only answer questions of interest to all shareholders during the meeting. Questions that are (a) irrelevant to the business and affairs of Cameco or the business of the meeting, (b) related to material non-public information of Cameco, (c) related to personal grievances or to further personal interests, (d) derogatory or otherwise in bad taste, (e) repetitive of those made by another shareholder or duly appointed proxyholder, or (f) out of order or otherwise not appropriate, will not be accepted, as determined by the chair of the meeting. It is possible that time constraints will render us unable to respond to all questions during the meeting. To ensure fairness for all attendees, the chair of the meeting will determine the amount of time allocated to each question and will have the right to limit or consolidate questions. We will post the question(s) and Cameco’s answer(s) to all appropriate questions received during the meeting on the investor page of our website as soon as is practical after the meeting

14 CAMECO CORPORATION

Other important things to know

If for any reason a nominated director becomes unable to serve, your proxyholder has the right to vote for another nominated director at their discretion.

If there are amendments or other items of business that properly come before the meeting, your proxyholder can vote on each matter as your proxyholder sees fit, as permitted by law, whether or not it is a routine matter, an amendment or contested item of business.

The chair of the meeting has the discretion to accept or reject any late proxies and can waive or extend the deadline for receiving proxy voting instructions without notice, but is under no obligation to do so.

If the meeting is postponed or adjourned, the deadline for TSX Trust Company to receive your voting instructions will be extended to 48 hours (excluding Saturdays, Sundays and statutory holidays) before the meeting is reconvened for your new voting instructions to be valid. If you are revoking your proxy without giving new voting instructions, the corporate secretary must receive the notice by 5 p.m. CST on the day before the meeting is reconvened or you must give notice to the chair of the meeting before the start of the reconvened meeting.

Beneficial shareholders are asked to consider signing up for electronic delivery (e-delivery) of the meeting materials. E-delivery is a convenient and efficient way to distribute meeting materials and is an environmentally responsible alternative because it eliminates the use of printed paper and the carbon footprint associated with the mail delivery process. Signing up is quick and easy. Go to www.proxyvote.com and sign in with your control number. Vote for the meeting resolutions and following your vote confirmation, you will be able to select the box for electronic delivery and provide your email address. Once you register for e-delivery, going forward you will receive your meeting materials by email and will be able to vote on your device by simply following a link in the email sent by your financial intermediary, provided your intermediary supports this service.

If you have any questions or need assistance voting, please contact Kingsdale Advisors at 1.888.518.1558 (toll-free within North America) or 1.437.561.4997 (text and call enabled outside North America) or by email at contactus@kingsdaleadvisors.com.

2025 MANAGEMENT PROXY CIRCULAR 15

About the nominated directors

Our board of directors is responsible for overseeing the management of our business and affairs. This year the board has nominated 10 individuals who are each qualified to serve on our board. All of the nominated directors have agreed to stand for election and serve for a term of one year. See Nomination process on page 34 for more information.

Board composition

This year’s nominated directors have been selected based on several factors, including competencies and qualifications, experience, knowledge and other core attributes we require of directors. When assessing board composition, the nominating, corporate governance and risk committee considers tenure, diversity, independence and the collective expertise of the directors on a broad range of issues the board faces when overseeing our business and affairs.

Marie Inkster and Peter Kukielski are standing for election for the first time and together bring added skills and experience in financial leadership, accounting and audit, executive leadership and strategy, operational excellence and safety, business growth and transformation as well as in mining operations and exploration, investor relations, risk governance and capital projects.

Independence

Eight of our 10 nominated directors (80%) are independent. Two directors are considered not independent: Tim Gitzel, president and CEO and an executive officer of Cameco and Tammy Cook-Searson, Chief of the Lac La Ronge Indian Band and President of Kitsaki Management Limited Partnership, the entity that manages the Band’s economic development activities, including businesses that receive payments from Cameco.

Majority voting

The statutory voting requirement for uncontested director elections under the CBCA requires shareholders to vote for or against a director nominee. A nominee must receive a majority of for votes to be elected to the board. If a nominated director does not receive a majority of votes cast in favour of their election, they will not be elected. The seat will remain open or, if the nominee is an incumbent, they may continue in office for 90 days following the vote in certain circumstances or until a successor is appointed or elected, whichever is earlier.

Director profiles

The following profiles of each nominated director include their background, key skills and experience, other public company directorships, as well as details about their 2024 meeting attendance, share ownership and voting results at our 2024 annual meeting of shareholders as applicable. We report each director’s shareholdings and their total value, including the Cameco shares they own or exercise control or direction over. Value is based on the year-end closing price of Cameco shares on the Toronto Stock Exchange (TSX) ($73.91 for 2024 and $57.13 for 2023). See our competency matrix on page 36 for a summary of the skills and experience of each nominee.

16 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 17

18 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 19

20 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 21

22 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 23

24 CAMECO CORPORATION

2025 MANAGEMENT PROXY CIRCULAR 25