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 November, 2024

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 ☒

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 ☒

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

Inkai Operation

Turkestan Region, Republic of Kazakhstan

National Instrument 43-101

Technical Report

Effective Date: September 30, 2024

Date of Technical Report: November 12, 2024

PREPARED FOR CAMECO CORPORATION BY:

C. SCOTT BISHOP, P.ENG.

SERGEY IVANOV, P.GEO.

ALAIN D. RENAUD, P.GEO.

Table of Contents

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Tables

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Figures

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Units of Measure and Abbreviations

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Definitions and Interpretation

In this technical report the following capitalized words, terms and expressions, and any derivations thereof as the context may require, will have the following meanings:

2009 Tax Code means the Code of the Republic of Kazakhstan dated December 10, 2006 No.99-IV “On Taxes and Other Obligatory Payments to the State Budget”

Amendment No. 6 means Amendment No. 6 to the Resource Use Contract, dated November 30, 2017

Block 1 means the 16.58 km² area of land in the Suzak District of the Republic of Kazakhstan, which is designated as Block 1 in Licence Series AY 1370D

Block 2 means the 230 km² area of land in the Suzak District of the Republic of Kazakhstan, which is designated as Block 2 in Licence Series AY 1371D

Block 3 means the 240 km² area of land in the Suzak District of the Republic of Kazakhstan, which is designated as Block 3 in Licence Series AY 1371D

BTP means biological treatment plant

Cameco means Cameco Corporation

CIM means Canadian Institute of Mining, Metallurgy and Petroleum

CIM Definition Standards means CIM Definition Standards for Mineral Resources and Mineral Reserves

Competent Authority means the appropriate state agency designated under the Subsoil Law as the competent authority; currently, the Ministry of Energy of the Republic of Kazakhstan is the Competent Authority for uranium resources

C1 means C1 category of mineral resources as defined by the GKZ classification system

C2 means C2 category of mineral resources as defined by the GKZ classification system

Geology Committee means the Geology Committee of the Republic of Kazakhstan

GKZ means State Reserve Commission of USSR which developed the GKZ classification system for mineral resources

Implementation Agreement means the agreement between Cameco, Kazatomprom and JV Inkai dated May 27, 2016, to restructure and enhance JV Inkai, as supplemented or amended from time to time

Inkai means collectively the mine operated by JV Inkai and the MA Area or, as the context requires, the uranium deposit

IRR means internal rate of return

ISL means in situ leaching, a mining process now referred to as ISR

ISR means in situ recovery, a mining process described in Section 1.10

JV Inkai means Joint Venture Inkai Limited Liability Partnership, a limited liability partnership registered under the laws of the Republic of Kazakhstan. JV Inkai is currently owned by Cameco (40%) and Kazatomprom (60%)

KATEP means National Joint Stock Company Atomic Power Engineering and Industry “KATEP”

Kazatomprom or KAP means Joint Stock Company “National Atomic Company “Kazatomprom”

KAZRC Code means the code developed in June 2016 by the Kazakhstan Association for Public Reporting of Exploration Results, Mineral Resource and Mineral Reserves (KAZRC) following the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) template

Licences means Licence Series AY 1370D, which allowed for the mining of uranium on Block 1, and

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Licence Series AY 1371, which allowed for the exploration and further mining of uranium on Blocks 2 and 3

LOM Plan means the life of mine plan for Inkai

MA Area means the 139 km² area in which JV Inkai currently has the right to mine, as covered by the Mining Allotment, which includes the historical Block 1 and portions of Blocks 2 and 3; now referred to as MPP Area, Sat1 Area and Sat2 Area, respectively

Mining Allotment means the document issued by the Geology Committee to JV Inkai in July 2017, which is a part of the Resource Use Contract, as provided for in Amendment No. 6, and which graphically and descriptively defines the area in which JV Inkai has the right to mine

MPP means JV Inkai’s main processing plant that is located in the MPP Area

MPP Area means the portion of Block 1 that is included in the MA Area

NI 43-101 means National Instrument 43-101 – Standards of Disclosure for Mineral Projects

NPV means net present value

Project for Uranium Deposit Development (abbreviated PUDD) means the stipulated by Subsoil Code project documentation that contains the mining plan including mining methods, technical indicators as well as production volumes, timeframes and other parameters for uranium deposit development

Qualified person as defined in NI 43-101

Ramp-up means the increase in production at Inkai from its current rate of production to 10.4 million pounds U₃O₈ as detailed in the Implementation Agreement and the various supplemental agreements thereto

Redox means the oxidation-reduction reaction

Resource Use Contract (abbreviated RUC) means the resource use contract between the Republic of Kazakhstan and JV Inkai that was signed in July 2000 and that provides for JV Inkai’s mining rights, as amended by Amendment Nos. 1-6. The Resource Use Contract includes the Mining Allotment

Sat1 means JV Inkai’s Satellite Plant 1 processing facility that is located in the Sat1 Area

Sat1 Area means the portion of Block 2 that is included in the MA Area

Sat2 means JV Inkai’s Satellite Plant 2 processing facility that is located in the Sat2 Area

Sat2 Area means the portion of Block 3 that is included in the MA Area

SRC means the State Reserve Commission of Kazakhstan

Subsoil Code means the Subsoil Code No. 125-VI, signed by the President of the Republic of Kazakhstan on December 27, 2017, effective as of January 08, 2018, as amended, and as further described in Section 4.5

Subsoil Law means the Law of the Republic of Kazakhstan “On Subsoil and Subsoil Use”, dated June 24, 2010, as amended

Tax Code means the Code of the Republic of Kazakhstan dated December 2017 No.120-VI “On Taxes and Other Obligatory Payments to the State Budget”

TEO stands (from the Russian abbreviation) for “Technical and Economic Substantiation”. The TEO of Permanent Conditions is prepared according to the results of completed exploration work. Its purpose is to establish the scale and commercial value of a deposit, to define the economic value of its development, and to aid decision-making on financial investments in mining development of the deposit. All financial estimates on the accepted option for commercial development of the deposit are carried out within the framework of realistically assumed values of all the modifying factors.

Volkovgeology means Volkovgeology Joint Stock Company

Water Code means Water Code of the Republic of Kazakhstan dated July 9, 2003 No. 481-II, as amended

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Preamble

This technical report replaces the previous Inkai Operation technical report, filed in January of 2018 (2018 Technical Report). This report is based on new technical and scientific information, and reflects experience gained since 2018.

Following the Implementation Agreement and Amendment 6 to the Resource Use Contract (RUC), a portion of the areas historically referred to as Blocks 1, 2 and 3 were relinquished by Inkai and subsequently acquired by Kazatomprom (KAP). Areas within the revised mining allotment (MA) area aligning with the historical blocks are now respectively referred to as the MPP, Sat1 and Sat2 Areas.

Key highlights of this report based on JV Inkai’s share (100%) of Inkai mineral reserves include:

Inkai is a material property for Cameco under Canadian securities laws.

This technical report has been prepared for Cameco by internal qualified persons in support of the disclosure of scientific and technical information relating to Inkai.

Inkai is an ISR producing mine in the Central Asian Republic of Kazakhstan, made up of a single parcel of land. The parcel of land set out in the Mining Allotment, the MA Area, covers 139 km² and includes the original Block 1 and portions of the original Blocks 2 and 3. Inkai is owned and operated by JV Inkai, an entity which is owned by Cameco (40%) and Kazatomprom (60%).

Inkai’s total packaged production from 2009 to September 30, 2024, not including the Sat2 Area test mining, is 95.7 million pounds of U3O8 (Cameco’s share - 52.1 million).

The RUC grants JV Inkai the rights to explore for and to extract uranium from the subsoil contained in the MA Area. JV Inkai owns uranium extracted from this subsoil and has the right to use the surface of the MA Area. JV Inkai has obligations under the RUC which it must comply with in order to maintain these rights.

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In addition to complying with its obligations under the RUC, JV Inkai, like all subsoil users, is required to abide by the work program appended to its RUC, which relates to its mining operations.

Under Kazakhstan law, subsoil and mineral resources belong to the state. Currently, the state provides access to the subsoil and mineral resources under a resource use contract. Minerals extracted from the subsoil by a subsoil user under a RUC are the property of the subsoil user unless the Subsoil Code or a RUC provides otherwise.

A RUC gives JV Inkai a right to use the surface of the property while exploring, mining and reclaiming the land. However, this right must be set forth in a land lease agreement with the applicable local administrative authorities.

On a regular basis, JV Inkai obtains from local authorities the necessary land lease agreements for new buildings and infrastructure. JV Inkai does not hold land leases for the entire MA Area. JV Inkai obtains land leases gradually only for surface area required for exploration, mining or construction of new infrastructure.

Inkai is located in the Suzak District of the Turkestan region, Kazakhstan, near the town of Taikonur. The territory of the district is about 41,000 km² and its population is over 60,000. It is approximately 350 km northwest of the city of Shymkent and approximately 155 km east of the city of Kyzylorda. Inkai is accessible by paved road from Shymkent (440 km), from Turkistan (310 km) and from Kyzylorda (290 km). JV Inkai’s corporate office is located in Shymkent.

There are three processing facilities at Inkai: the MPP, Sat1 and Sat2. The existing MPP, Sat1 and Sat2 circuit capacities were estimated using Inkai monthly process summaries. The MPP has demonstrated an IX capacity of 2.7 million pounds U3O8 per year and a product drying and packaging capacity of 8.3 million pounds U₃O₈ per year. Sat1 has a demonstrated IX capacity of 6.3 million pounds U₃O₈ per year as eluate. The current demonstrated IX capacity of Sat2 is 4.5 million pounds U₃O₈ as eluate.

The following infrastructure currently exists on the MA Area: administrative, engineering and construction offices, a laboratory, shops, garages, holding ponds and reagent storage tanks, enclosures for low-level radioactive waste and domestic waste, an emergency response building, food services facilities, roads and power lines, wellfield pipelines and header houses. At Taikonur, JV Inkai has an employee residence camp with catering and leisure facilities.

The geology of south-central Kazakhstan is composed of a large relatively flat basin of Cretaceous to Quaternary age continental clastic sedimentary rocks. The Chu-Sarysu Basin extends for more than 1,000 km from the foothills of the Tien Shan Mountains located on south and southeast sides of the basin, and merges into the flats of the Aral Sea depression to the northwest. The basin is up to 250 km wide, bordered by the Karatau Mountains on the southwest and the Kazakh Uplands on the northeast. The basin is composed of gently-dipping to nearly flat-lying fluvial-derived unconsolidated sediments composed of inter-bedded sand, silt and local clay horizons.

The Cretaceous and Paleogene sediments contain several stacked and relatively continuous, sinuous roll-fronts or redox fronts hosted in the more porous and permeable sand and silt units. Several uranium deposits and active ISR uranium mines are located at these regional oxidation roll-fronts, developed along a regional system of superimposed mineralization fronts. The overall stratigraphic horizon of interest in the basin is approximately 200 to 250 m in vertical section.

The Inkai deposit is a roll-front deposit hosted within the Middle and Lower Inkuduk and the Upper and Lower Mynkuduk horizons which are comprised of fine, medium and coarse-grain sands, gravels and clays. The redox boundary can be readily recognized in core by a distinct colour

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change from grey and greenish-grey on the reduced side to light-grey with yellowish stains on the oxidized side, stemming from the oxidation of pyrite to limonite and consumption of organic carbon.

Hydrogeological parameters of the deposit play a key role in ISR mining which have been demonstrated at Inkai through various studies, pilot leaching tests, and mining results since start of commercial production in 2009.

The extent and dimensions of Inkai’s mineralized horizons are shown in Table 1-1.

Table 1-1: Inkai Mineralized Horizons

The main uranium minerals are sooty pitchblende (85%) and coffinite (15%). The pitchblende occurs as micron-sized globules and spherical aggregates, while the coffinite forms microscopic crystals. Both uranium minerals occur in pores on interstitial materials such as clay minerals, as films around and in cracks within sand grains, and as pseudomorphic replacements of rare organic matter commonly associated with pyrite.

Historical exploration work at Inkai, including drilling, began in the 1970s and progressed until 1996. Since 2006, additional exploration and delineation drilling has been conducted by JV Inkai.

JV Inkai’s uranium exploration and delineation drilling programs in the MPP, Sat1 and Sat2 Areas were conducted by drilling vertical holes from surface. Delineation of the areas and their geological and geophysical features were carried out by drilling on a grid at a prescribed density of 3.2 to 1.6-kilometre line spacing and 200 to 50-metre hole spacing with coring. Additional information was obtained by further drilling at grids of 800 to 400 x 200 to 50 metres with coring and 200 to 100 x 50 to 25 metre grids, usually without core being recovered.

Vertical holes are drilled with a triangular drill bit for use in unconsolidated formations down to the target horizon, at which point the rest of the hole is cored. At the Inkai deposit, approximately 50% of all exploration holes are cored through the entire mineralized interval. Sampling, radiometric probing, hole deviation, geophysical and hole diameter surveys are done by site crews and experienced contractors. This information is used to inform the geological modelling, the estimation of uranium distribution and content and to characterize the hydrogeological and metallurgical characteristics.

As the mineralized horizons are generally horizontal and the drill holes are nearly vertical, the intercepts approximate the true thickness of the mineralization.

The total number of holes drilled at Inkai is presented in Table 1-2. The locations of the drillholes are shown in Figure 10-1.

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Table 1-2: Exploration and Delineation Drilling at Inkai

A pilot leach test, using the ISR mining method, was started in the northeast area of the MPP Area in December 1988 and completed in 1990. This was followed by a 2005 decision to construct the MPP to process uranium-bearing solution (UBS). Construction was completed in 2009 and processing of UBS was initiated. In February 2010, regulatory approval was received allowing full processing of uranium concentrate at the plant.

A pilot leach test in the Sat1 Area was conducted between 2002 and 2006. This was followed by the decision to construct and start commissioning the Sat1 processing plant to process UBS in 2009. In 2011, JV Inkai received regulatory approval for processing at Sat1. Infill drilling program in Sat1 Area begins in 2018 and is completed in 2019.

In the Sat2 Area, drilling at test wellfields and construction of the Sat2 processing plant was initiated in 2012. In 2015, construction of the Sat2 facility was completed, regulatory approval obtained and the pilot leach test was initiated. The pilot leach test was completed in 2017. Commercial production started in 2018. Sat2 expansion also commenced in 2018, including the increase in pump station capacity, two additional IX sorption columns, and required piping. Sat2 expansion was completed in in 2021.

The estimated mineral resources and reserves at Inkai are located in the MA Area. The preparation of the resource models and estimates followed SRC guidelines. The models and estimates for the MPP Area were completed by Volkovgeology, while Two Key LLP (2K) completed the models and estimates for the Sat1 and Sat2 Areas. Volkovgeology is a subsidiary of Kazatomprom and is involved in prospecting, exploration and development of uranium deposits in Kazakhstan. Two Key LLP is an engineering consultancy firm based in Almaty, Kazakhstan, providing services in mineral resource estimation, mine planning and engineering. The estimates were done using the GT area average estimation method where the estimated variable is the uranium grade multiplied by the thickness of the interval, and using averages for the blocks.

In 2003, Cameco performed a validation of the Kazakhstan estimate for the MPP Area which was also validated by an independent consulting firm in 2005.

Following additional infill delineation drilling, an estimate for the Sat2 Area was completed in 2017, followed by an estimate update in the Sat1 Area in 2020.

The current mineral resources and reserves estimates are based on 3,800 surface drillholes.

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Summaries of the estimated mineral resources and mineral reserves for Inkai, with an effective date of September 30, 2024, are shown in Table 1-3 and Table 1-4. Cameco’s share of uranium in the mineral resources and mineral reserves is based on its ownership interest in JV Inkai (40%).

Table 1-3: Summary of Mineral Resources – as of September 30, 2024

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Table 1-4: Summary of Mineral Reserves – as of September 30, 2024

Mining at Inkai is based upon a conventional and well-established ISR process. ISR mining of uranium is defined by the International Atomic Energy Agency as “the extraction of ore from a host sandstone by chemical solutions (lixiviants) and the recovery of uranium at the surface. ISL (ISR) extraction is conducted by injecting a suitable leach solution into the ore zone below the water table; oxidizing, complexing and mobilizing the uranium; recovering the pregnant (loaded) solutions through production wells (extraction wells or recovery wells); and finally, pumping the uranium bearing solution to the surface for further processing”.

ISR mining at Inkai uses sulphuric acid based lixiviant. The mining process comprises the following components to produce UBS, which goes to the settling ponds and then to the respective IX plant before being directed to the MPP for production of uranium as yellowcake:

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The above factors are used to estimate the number of operating wellfields, wellfield patterns and header houses over the production life. They also determine the unit cost of each of the mining components required to realize the production schedule, including drilling, wellfield installation and wellfield operation.

Significant experience since the start of commercial production in 2009 supports the current production plan. Currently, all wellfields utilize hexagonal or line-drive patterns and the UBS is captured on IX resins at their respective processing facilities.

The annual production target of 10.4 million pounds U₃O₈ requires a combined flow of approximately 5,680 m³/h and an average head grade of approximately 100 parts per million of uranium delivered to the IX columns. Flow capacity within production wells generally vary between 8.0 and 10.5 m³/h on average requiring approximately 550 patterns in operation to achieve the needed flow to the IX circuits.

In recent years, production from higher cost wellfields in the MPP Area have been reduced, largely due to sulphuric acid supply challenges. Production from each of the three areas is planned to increase as these challenges are resolved and Inkai can bring on additional wellfields.

The production plan, based on mineral reserves, forecasts an estimated 212.3 million pounds of packaged production until mid-2045 and is based on Cameco’s assumptions for production from JV Inkai.

As a result of extensive test work and operational experience, a very efficient process of uranium recovery has been established. The process consists of the following major steps:

All plants load and elute uranium from resin while the resulting eluate is converted to yellowcake at the MPP. Inkai is designed to produce a dry uranium product that meets the quality specifications of uranium refining and conversion facilities.

Construction work for a process expansion of the Inkai circuit to at least 10.4 million pounds U₃O₈ per year is in progress. The expansion project includes an upgrade to the yellowcake filtration and packaging units and the addition of a pre-dryer and calciner.

Legislation

The Ecological Code, adopted in 2021, is the principal legislation dealing with the protection of the environment. Although it does not specifically refer to uranium, there are general provisions regulating production waste which apply to uranium. More specific provisions are provided in other applicable Kazakhstan regulations and state standards.

The Ecological Code firmly established the “polluter pays” principle pursuant to which the person whose actions or activities cause environmental damage must remediate the components of the environment that were damaged in full and at its own expense. Administrative or criminal liability for

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environmental damage does not release such person from civil liability for such remediation of the environment.

Environmental studies

The baseline conditions and potential environmental impacts of the commercial mining facility were assessed based on Republic of Kazakhstan and western U.S. standards. The baseline fieldwork was performed in 2001 – 2002. The EIA reports describe the biological, hydrogeological, hydrologic and other physical environmental baseline prior to exploration and the commencement of production operations and assess the potential impacts to environmental media and the human environment from the proposed operations. The environmental studies completed to date have not identified any potential impacts to human health or the environment that could not be mitigated through permit conditions or reclamation bond commitments.

A groundwater flow and plume modelling study was conducted to review hydrogeological data and simulate contaminant transport. The model results showed no risk to local and regional groundwater users from ISR mining of the MPP Area.

A study was conducted to assess natural attenuation of ISR solutions within the MPP Area, based on the pilot-scale uranium in situ leaching conducted between 1988 and 1990. The study concluded that the majority of contamination caused by ISR test mining in the MPP Area will be attenuated by 2044.

Environmental management

The environmental management system at JV Inkai is designed to ensure compliance with regulatory requirements, preventing pollution in accordance with ISR operation best practice, and continual improvement of performance. The environmental management system and the occupational health and safety management systems have been certified to ISO 14001 and OHSAS 18001 (now ISO 45001). In 2018, the JV Inkai quality management system was certified to ISO 9001. This integrated management system (ISO:14001/45001/9001) is re-certified every three years.

As an industrial company, JV Inkai is required to undertake programs to reduce, control or eliminate various types of pollution and to protect natural resources. The RUC specifically requires the implementation of environmental controls based on an industrial environmental control program developed by JV Inkai and approved by the environmental protection authorities. JV Inkai must also actively monitor specific air emission levels, ambient air quality, nearby surface water quality, groundwater quality, levels of soil contaminants and the creation of solid waste. JV Inkai must submit annual reports on pollution levels to Kazakhstan’s environmental, tax and statistics authorities which conduct tests to validate JV Inkai’s results.

JV Inkai may be subject to administrative penalties for waste exceedances and intends to mitigate against any potential waste exceedances through the construction of additional biological treatment plants (BTP) at MPP, Sat1 and Sat2. The BTP at MPP is anticipated to be completed by the end of 2024.

Permitting and insurance

In addition to the requirements of the RUC, Inkai, as a nuclear facility, is also required to hold certain permits and licences to operate the mine. With regard to environmental protection requirements, JV Inkai has applied for and received:

JV Inkai currently holds the following additional material licences relating to its mining activities, and has applied for prolongation of licences expiring in 2024:

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In accordance with applicable legislation regulating the use of radioactive substances, JV Inkai is required to submit annual reports to relevant state authorities. Renewal of environmental permits requires the submission of an annual report on pollution levels to Kazakhstan’s environmental authorities, compliance with the permits’ provisions and the remittance of any environmental payment obligations.

Legal entities carrying out environmentally hazardous activities are required to obtain insurance to cover activities which may cause harm to third parties, in addition to the civil liability insurance which must be held by owners of facilities. JV Inkai currently maintains both the required environmental insurance and the civil liability insurance.

Decommissioning and restoration

JV Inkai’s decommissioning obligations are largely defined by the Resource Use Contract and the Subsoil Code dated 27 December 2017 (Subsoil Code). JV Inkai is required to maintain a fund, which is capped at $500,000 (US), as security for meeting its decommissioning obligations; it is fully funded.

JV Inkai developed a preliminary decommissioning estimate reflecting current total decommissioning costs under a “decommission now” scenario and updates the plan every year. The preliminary decommissioning estimate prepared as of the end 2023 was $33.6 million (US).

Under the Subsoil Code, the decommissioning cost estimate for the RUC timeframe must be included in the Project for Uranium Deposit Development (PUDD). Inkai retained the services of a local engineering firm licensed to prepare the PUDD. The PUDD preparation, including the decommissioning cost estimate, is currently in progress. Once completed, the PUDD undergoes regulatory review and approval. The annual decommissioning fund contributions under the Subsoil Code are determined by pro-rating the total decommissioning cost in the PUDD against the annual production volume within the RUC timeframe and must be reflected in a corresponding amendment to RUC. Any required amendments to the RUC are then required to be prepared and signed by the Competent Authority and JV Inkai to become a part of the RUC. The decommissioning estimate contained in the PUDD is subject to review and update every three years. Updates account for changes in the volume of work based on the deposit’s development as well as any decommissioning activities carried out in the previous three-year time period. The decommissioning costs in the PUDD are subject to review and approval by the government.

Under the RUC, JV Inkai must submit a project for decommissioning the property to the government six months before mining activities are complete.

The Subsoil Code now requires subsoil users to provide a new type of security for their decommissioning obligations which is pledge of a bank deposit. The transitional provisions of the Subsoil Code preserve the decommissioning fund mechanism applicable to the Resource Use Contract and accordingly, JV Inkai continues to rely upon its existing decommissioning fund mechanism.

Social and community requirements

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Under the RUC, JV Inkai is required to finance the training and development of Kazakhstan personnel. The RUC imposes local content requirements on JV Inkai with respect to employees, goods, works and services. See Section 4.5.7 and Section 20.2 for more information.

The production plan is based on Cameco’s assumptions for production from JV Inkai. At the time of writing of this Technical Report, discussions are ongoing between Cameco and Kazatomprom regarding plans for recovering production shortfalls to the Ramp-up schedule in the Implementation Agreement (See Section 24.1 for additional information). Apart from 2024, Cameco expects that any changes made to this production schedule will conform to the +/- 20% variance limit to the production plan in the RUC.

The LOM Plan is partially based on inferred mineral resources. Annual production levels will be dependent on results of further delineation drilling and market conditions. There is no certainty that the LOM Plan production will be realized. With continued delineation drilling and wellfield development, Cameco expects that the majority of the inferred mineral resources within the LOM Plan production will be upgraded to indicated and/or measured mineral resources.

The reserves-based production profile and economic analysis supporting the reported mineral reserves do not include the inferred resources. The production plan is based on mineral reserves and forecasts an estimated 212.3 million pounds U₃O₈ of packaged production from 2024 through the projected mine life extending to mid-2045.

Figure 1-1 presents the reserves-based production plan and the LOM Plan over the mine life (2024 to mid-2045).

Figure 1-1: Annual Production Plan - 100% basis

Note: 2024 production comprises 5.5 million pounds of actual production from January 1 through September 30, 2024, plus a forecast of 2.2 million pounds for the remainder of 2024. The 2025 production forecast is contingent upon receipt of sufficient volumes of sulphuric acid.

The economic analysis for JV Inkai is partially based upon Cameco’s assumption regarding the production plan, which contemplates mining and processing Inkai’s mineral reserves to mid-2045. The financial projections do not contain any estimates involving the potential mining and processing of inferred mineral resources. Only mineral reserves have demonstrated economic viability.

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The economic analysis, undertaken from the perspective of JV Inkai, is based on JV Inkai’s share (100%) of Inkai mineral reserves, and results in an after tax NPV (at a discount rate of 12%), for the net cash flows from January 1, 2024 to mid-2045, of $4.3 billion. Using the total capital invested, along with the operating and capital cost estimates for the remainder of mineral reserves, the after-tax IRR is estimated to be 26.9%.

Payback for JV Inkai, including all actual costs was achieved in 2015, on an undiscounted, after-tax basis. All future capital expenditures are forecast to be covered by operating cash flow.

Capital costs for Inkai are estimated to be $1.476 billion over the remaining life of the current mineral reserves. The remaining capital costs, as of January 1, 2024, includes $1.196 billion for wellfield development, $95 million for construction and expansion, and $186 million for sustaining capital. The cost estimates are on a 100% basis with a currency exchange rate assumption of 365 Kazakhstan Tenge to $1.00 Cdn. All cost projections are stated in constant 2024 Canadian dollars and assume the throughput from the production schedule for the current mineral reserves outlined on Figure 1-1.

For the period from 2024 to mid-2045, capital cost estimates have increased by 106% compared to the 2018 Technical Report. The majority of the increase relates to wellfield development activities with increased drilling tariffs and higher costs for sulphuric acid and other materials.

Capital for construction and expansion is heavily weighted to 2024 to 2027 due to the capital required for the Ramp-up and expansion projects, as well as upgrades planned for existing facilities.

Operating expenditures for ISR mining, surface processing, site administration and corporate overhead are estimated to be $12.66 per pound of U3O8 over the remaining life of the mineral reserves. The 2018 Technical Report showed estimated operating costs to be $9.55 per pound U₃O₈. Major contributors to the increased operating costs are adjustments to remuneration programs, higher cost for production materials and electricity, increased transportation costs, and other inflationary factors.

Regulatory risks

Although the Republic of Kazakhstan has well-developed legislation, many provisions are subject to discretion in their application, interpretation and enforcement. Consequently, JV Inkai’s operations may be affected by government regulations restricting production, price controls, export controls, currency controls, taxes and royalties, expropriation of property, environmental, mining and safety legislation, and annual fees to maintain mineral properties in good standing. There is no assurance that the laws in Kazakhstan protecting foreign investments will not be amended or abolished, or that these existing laws will be enforced or interpreted to provide adequate protection against any or all of the risks described above. There is also no assurance that the RUC can be enforced or will provide adequate protection against any or all of the risks described above.

Cameco believes that the regulatory risks related to its JV Inkai investment in Kazakhstan are manageable. See Section 24.3 for more information about regulatory and geopolitical risks.

Risks that may materially impact the mineral reserves are discussed in Section 15.4.

Production risks

In addition to the noted regulatory risks, there are a number of challenges that may, or in some cases are, impacting JV Inkai’s ability to achieve production targets and to deliver finished product to Cameco.

Inkai continues to experience challenges related to procurement of sulphuric acid used in the in situ leaching process. While KAP actively pursues alternative sources of sulphuric acid, its continued

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shortage in Kazakhstan could have a material adverse effect on JV Inkai’s earnings, cash flows, financial condition, or results of operations.

Inkai is currently experiencing issues related to availability of adequate construction services. This is leading to delays with completion of the expansion projects. In the case these issues are not resolved within a reasonable timeframe, Inkai runs the risk of not meeting the production targets set out in the Ramp-up schedule or production cost increases due to reliance on toll milling. While Inkai currently has access to a sufficient supply of drilling services, meeting the Ramp-up production targets will require an increased amount of drilling. Procuring drilling services in sufficient amounts at the appropriate time may prove to be challenging.

The geopolitical situation continues to cause transportation risks in the region. The timing of delivery of the remaining share of Cameco’s 2024 production from JV Inkai is uncertain. Depending on when Cameco receives shipments of its share of Inkai’s production, its share of earnings from this equity-accounted investee and the timing of the receipt of its share of dividends from the joint venture may be impacted.

See Section 24.4 for more information.

The restructuring of JV Inkai, as contemplated by the Implementation Agreement, closed on December 11, 2017, with an effective date of January 1, 2018, and consisted of the following, subject to various supplemental agreements:

JV Inkai has experienced a number of delays in achieving the production levels outlined in the Implementation Agreement. Cameco and Kazatomprom mutually agreed to revise the production Ramp-up schedule via supplemental agreements to the Implementation Agreement while staying within the 20% deviation from the production levels specified in the RUC, as allowed under the Subsoil Code. The supplemental agreements also contemplate:

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Discussions are ongoing between Cameco and Kazatomprom regarding additional supplemental agreements to address ongoing delays to the Ramp-up schedule tied, in part, to challenges with supply of sulphuric acid.

Based on the rigorous procedures and experience demonstrated by Volkovgeology, JV Inkai and Cameco personnel, Cameco’s review of the reliability, quality and density of data available, the thorough geological interpretative work, and the different validation tests performed over the years, the qualified persons responsible for the mineral resource and mineral reserve estimates consider that the current estimates of mineral resources and reserves are relevant and reliable.

From 2009 until September 30, 2024, JV Inkai produced, not including the Sat2 Area test mining, 95.7 million pounds U3O8 (Cameco’s share - 52.1 million pounds). The reserves-based production plan represents an operating mine life from 2024 until mid-2045, during which Inkai is forecast to produce an estimated 212.3 million pounds U3O8 (Cameco’s share - 85.6 million pounds).

The authors of this technical report concur with JV Inkai’s plan for construction and expansion of the required project facilities and infrastructure, as outlined in this technical report.

In order to achieve the production plan and its economic benefits, and to mitigate risk, the authors of this technical report make the following recommendations:

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Inkai is a material property for Cameco under Canadian securities laws.

This technical report has been prepared for Cameco by, or under supervision of, internal qualified persons in support of the disclosure of scientific and technical information relating to Inkai, contained in Cameco’s short form base shelf prospectus dated November 12, 2024 and filed concurrently with the filing of this technical report.

The report has an effective date of September 30, 2024, and has been prepared in accordance with NI 43-101 by the following individuals:

These individuals are the qualified persons responsible for the content of this technical report. Two of these qualified persons have visited the Inkai site.

Mr. Bishop has been involved with Inkai since 2019. He has not visited the site. Mr. Bishop has been involved in various technical reviews of Inkai including reviews of the mineral resource and mineral reserve estimates, wellfield and plant performance assessments and cost reviews. He has also been involved in audits, property evaluations and technical studies of other uranium ISR properties.

Mr. Ivanov has been involved with JV Inkai since 2009, including working as Chief Geologist at JV Inkai from 2011 to 2015. He is currently based in Astana, Kazakhstan and routinely visits the Inkai site and JV Inkai’s office in Shymkent. His most recent visit to the mine site was conducted from September 23-27, 2024. His visits included observing drilling, sampling and downhole geophysical logging activities, reviewing the mine and production plans and performance, ecological monitoring, mineral resource and mineral reserve estimation and production-mineral reserve reconciliation. He has been involved with audits, evaluations and technical studies of other uranium ISR properties.

Mr. Renaud has been involved with JV Inkai since 2018 and has visited the site on two occasions. Mr. Renaud’s last personal inspection of the Inkai site, including the main processing plant, occurred from October 7-10, 2022, and included a review of drilling, core handling, radiometric probing, logging, laboratory and sampling facilities, sampling and data verification procedures in place. Mr. Renaud was involved in reviewing the Sat1 and Sat2 Area mineral resource and mineral reserve estimates and is also involved in the year-end compilation and review of JV Inkai’s mineral reserves and resources. He has been involved with audits, property evaluations and technical studies of other uranium ISR properties.

This technical report has been prepared with available internal Cameco and JV Inkai data and information, as well as data and information prepared for Inkai. The principal technical documents and files relating to Inkai that were used in preparation of this technical report are listed in Section 27.

All monetary references in this technical report are expressed in Canadian dollars, unless otherwise indicated. Illustrations (Figures) in this report are from Cameco, and are dated September 30, 2024, unless otherwise stated.

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The authors have relied, and believe they have a reasonable basis to rely, upon the following individuals who have contributed the legal and taxation information stated in this technical report, as noted in Table 3-1 below.

Table 3-1: Reliance on Other Experts

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The Inkai operation is located in the Suzak District of the Turkestan region, Republic of Kazakhstan. The geographic coordinates are at approximately 45º 20’ north latitude and 67º 30’ east longitude (Figure 4-1).

The RUC, giving JV Inkai its rights to the Inkai deposit, was signed by the Republic of Kazakhstan and JV Inkai in July 2000. Amendment No. 6 was signed on November 30, 2017 and provided for the contiguous MA Area covering 139 km² that includes the original Block 1 (MPP Area) and portions of Blocks 2 and 3 (Sat1 Area and Sat2 Area respectively). The MA Area is located near the town of Taikonur.

Figure 4-1: Location Map

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The original RUC was issued in conjunction with two licences: Licence AY 1370D and Licence AY 1371D. Licence Series AY 1370D allowed for the mining of uranium in a 16.58 km² area, designated as Block 1 in the Suzak District of the Republic of Kazakhstan. Licence Series AY 1371D allowed for the exploration and further mining of uranium in a 470 km² area, designated as Block 2 (about 230 km²) and Block 3 (about 240 km²) in the Suzak District of the Republic of Kazakhstan. These areas were replaced by the MA Area upon the signing of Amendment No. 6.

Amendment No. 6 grants JV Inkai mining rights over the MA Area until mid-2045.

Under Kazakhstan law, the subsoil and mineral resources belong to the Republic of Kazakhstan. Currently, the Republic of Kazakhstan provides access to subsoil and mineral resources under a resource use contract or a licence depending on the type of mineral in question. Minerals extracted from the subsoil by a subsoil user under a resource use contract or a licence are the property of the subsoil user unless the Subsoil Code or a resource use contract provide otherwise.

Under JV Inkai’s RUC, JV Inkai has the rights to explore for and to extract uranium from the subsoil contained in the MA Area and JV Inkai owns the uranium extracted from this subsoil.

A resource use contract gives a subsoil user a land use right while exploring, mining and reclaiming the land. However, this right must be set forth in a land lease agreement with the applicable local administrative authorities.

On a regular basis, JV Inkai obtains from local authorities the necessary land lease agreements for new buildings and infrastructure. JV Inkai does not hold land leases for the entire MA Area; it obtains them gradually only for the surface area required for exploration, mining or construction of new infrastructure.

The RUC was signed by the Republic of Kazakhstan and JV Inkai and then registered in July, 2000 and provides for JV Inkai’s mining rights to the MA Area, as well as containing obligations with which JV Inkai must comply in order to maintain such rights. There have been six amendments to the RUC as follows:

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Discussions are ongoing with respect to a further amendment to the RUC which may address recent production shortfalls, incorporate updated wellfield design and sequencing and incorporate new decommissioning estimates. Inkai retained a local engineering firm to develop an updated PUDD, which, after going through a regulatory review and approval process, will form the basis for a work program. This updated work program is anticipated to support a further amendment to the RUC. See Section 20.1.5 for additional information.

In addition to complying with its obligations under the RUC, JV Inkai, like all subsoil users, is required to abide by the work program appended to its RUC, which relates to its mining operations.

The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the Subsoil Code dated December 27, 2017, which superseded the Subsoil Law dated June 24, 2010 (Subsoil Law). In general, the rights held by JV Inkai are governed by the previous Subsoil Law that was in effect at the time of the RUC registration in July 2000. As follows from the stability provisions of the RUC, the Subsoil Code should apply insofar as it does not deteriorate JV Inkai’s position from the previous Subsoil Law that was in effect at the time the Licences were issued in April 1999.

The Subsoil Code defines the framework and the procedures connected with the granting of subsoil rights and the regulation of the activities of subsoil users. The subsoil, including mineral resources, are Kazakhstan state property, while minerals brought to the surface belong to the subsoil user, unless otherwise provided by contract or the Subsoil Code.

In order to develop mineral resources, the Competent Authority grants exploration and production rights to third parties. Subsoil rights are granted for a specific period but may be extended prior to the expiration of the applicable contract or licence.

Pursuant to the Subsoil Code, a subsoil user is accorded, among other things, the exclusive right to conduct mining operations, to erect production facilities, to freely dispose of its share of production and to conduct negotiations for extension of the contract, subject to restrictions and requirements set out in the Subsoil Code.

Until amendments to the previous Subsoil Law in August 1999, both a licence and a contract were required for exploration and production.

In August 1999, the Kazakhstan government abolished the licence regime for subsoil use rights granted after September 1999. Thus, from September 1999 onward, subsoil use rights have been granted on the basis of a resource use contract alone. However, all licences previously issued remain valid. An entity which obtained its subsoil use right prior to August 1999 holds such rights on the basis of a subsoil use licence and a resource use contract. An entity which obtained a subsoil use right after August 1999 holds its rights on the basis of a resource use contract alone.

The subsoil use rights held by JV Inkai came into effect upon the initial issuance of the Licences (April 1999), the execution of its RUC (July 2000), and the registration of the RUC by applicable state entities.

Under the previous Subsoil Law, changes in legislation that worsened the position of the subsoil user did not apply to resource use contracts signed or licences granted before the changes were adopted. Additionally, the RUC contains its own stability provision that reflects this approach.

While the Subsoil Code still contains the above guarantees, there are a number of listed exceptions such as national defence or security, ecological safety, public health, taxation, and customs.

Some of the provisions of the current Subsoil Code are stated to be applicable retroactively. Given that some subsoil use contracts (including the RUC) contain the legislation stability guarantee and

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the latter is also provided for by both the stabilized Subsoil Law and the Subsoil Code, any retrospective provisions of the Subsoil Code should not generally override such stability guarantee unless an exception applies.

Overall, the Republic of Kazakhstan has gradually weakened the stabilization guarantee, particularly in relation to new projects, and the national security exception is applied broadly to encompass security over strategic national resources.

Amendments to the previous Subsoil Law (December 2004 and October 2005) provide the Republic of Kazakhstan with a pre-emptive right to acquire subsurface use rights and equity interests in entities holding subsoil use rights and in any entity which may directly or indirectly determine or exert influence on decisions made by a subsoil user, if the main activity of such entity is related to subsoil use in Kazakhstan, when such entity wishes to transfer such rights or interests. This pre-emptive right was also provided by the Subsoil Law and has been maintained in the Subsoil Code, and it permits the Republic of Kazakhstan to purchase any subsoil use rights or equity interests being offered for transfer on terms no less favourable than those offered by other purchasers. At a certain point, the pre-emptive right has been limited to the deposits of strategic importance; however, Inkai is considered a deposit of strategic importance and therefore still subject to the pre-emptive right of the state.

The Subsoil Law provided that assignments and transfers of subsoil use rights may be made only with the prior consent of the Competent Authority. The Competent Authority has the right to terminate a subsoil contract if a transaction takes place without such consent.

The Subsoil Code continues to provide for the state’s pre-emptive right to deposits of strategic importance and the requirement to obtain the Competent Authority’s consent to transfer of subsurface use rights and equity interests in entities holding subsoil use rights or entities who may directly or indirectly control the subsoil user.

That said, the Subsoil Code liberates to some extent the regime of regulatory approvals. For example, it provides for a longer list of cases where the pre-emptive right and the consent requirements do not apply (e.g. abolished the requirement to obtain consent in case of a charter capital increase without change in shareholding and a transaction with government, state body, national management holding or national company).

The dispute resolution procedure in the Subsoil Code does not specifically disallow international arbitration. Instead, it states that if a dispute relates to exercise, amendment or termination of subsoil use rights, the parties can resolve the dispute according to the laws of Kazakhstan and international treaties ratified by the Republic of Kazakhstan. Pursuant to amendments to the Subsoil Code that came into effect on January 10, 2023, disputes under contracts related to complex hydrocarbon projects are expressly allowed to be referred to international arbitration under UNCITRAL rules. However, no express arbitration rights have been provided for uranium contracts.

The RUC allows for international arbitration.

The Subsoil Code provides for resolution of disputes by court order (meaning state courts) on a number of specific issues such as termination of resource use contracts and some of these provisions were given retrospective effect. Generally, Cameco believes those retrospective provisions should not override the stability guarantee and should not apply to the RUC.

Under the Subsoil Code, the Competent Authority can unilaterally terminate a contract before it expires on the following grounds:

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The Competent Authority may terminate the RUC on grounds (a)-(d) only where it notifies the subsoil user of the alleged violations and the subsoil user fails to remedy one of the violations indicated in sub-sections (a)-(c) within three months from the date of the receipt of the notice from the Competent Authority or when the subsoil user fails to remedy more than two contractual violations under the RUC within the term specified in the notice from the Competent Authority. The Competent Authority may terminate the resource use contract immediately on grounds (e)-(g). In case of ground (h), the Competent Authority may terminate the resource use contract only upon the Government’s decision.

March 2021 amendments to the Subsoil Code gave retrospective effect to the provisions on termination of resource use contracts.

Cameco believes that the Subsoil Code’s retrospective provisions on termination should not override the stability guarantee and therefore terms of the RUC should continue to apply unless the state seeks to apply the national security, ecological safety or health care exception to the guarantee of legal stability. The termination provisions of the RUC are more favourable than those contained in the Subsoil Code, as the RUC may only be terminated by the Competent Authority with notice to JV Inkai in respect of any contractual breaches, with a period to cure any such breaches, other than with respect to breaches relating to a threat to human life or to the environment.

See Section 4.5.8 for more information on termination of contract regarding fields of strategic importance.

In addition to following its obligations under the RUC, JV Inkai, like all subsoil users, is required to abide by the work program, which is a mandatory part of the RUC, and which relates to its operations over the life of the mine.

Work programs must be developed in accordance with project documents. The Subsoil Code establishes three types of project documents in the sphere of uranium production, depending on the type and stage of the work:

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The project documents are developed and undergo a review and approval process. All work must be in compliance with the project documents, and conducting any work without an approved project document, or in non-compliance with it, is not permitted. Since January 2015, subsoil users conducting production of hard materials, including uranium, are allowed to produce within 20% (above or below) of their approved project targets in a year without triggering a requirement to redo the approved project documents. Any changes to the project documents that affect investment project targets included in the work program require amendments to the work program. Thus, changes of types, methods, technologies, volumes and terms of uranium mining operations are only allowed after amendment of the relevant project documents. Any amendments to aspects of the work program that are an integral part of the resource use contract require an application to the Competent Authority for approval, signing and registering amendments to the resource use contract.

The Subsoil Code repealed the previous requirement for annual work plans. Instead, expected exploration and production for each year are now set out in one work program.

Under the Subsoil Code, all subsoil users (with some exceptions) must procure goods, works and services for uranium mining operations under prescribed statutory procedures.

The Subsoil Code requires procurements from open tender, single source, open competition to control costs (digital procurement) to be conducted using the register of goods, works and services (the register of potential suppliers) or other digital procurement systems located on Kazakhstan’s Internet sites. Uranium mining companies may also conduct procurement of certain limited goods, works and services by applying other methods or on commodity exchanges.

Subsoil users are also required to develop annual and mid-term (for five financial years) procurement programs based on the work program and respective budget.

Prior to 2018, JV Inkai followed the statutory procedures prescribed by the Subsoil Code. After 2018, as an entity with more than 50% of its voting shares directly or indirectly belonging to Samruk Kazyna National Wealth Fund, JV Inkai has been following Samruk Kazyna procurement procedures that generally are more prescriptive than the procedures in the Subsoil Code.

Since 2002, Kazakhstan has implemented a policy aimed at replacing imports, and fostering greater involvement, support and stimulation of local producers and local employees. Under this policy, subsoil users are obliged to purchase local works and services and hire local personnel in such percentages as may be specified in their resource use contracts.

In 2012, Kazakhstan amended the Subsoil Law to retroactively mandate all subsoil users to use unified terminology and to report on local content pursuant to a newly introduced unified methodology. However, since accession to the World Trade Organization, Kazakhstan amended its local content requirements, abolishing the local content requirements for goods. If this requirement remained in resource use contracts entered into prior to January 1, 2015, it was automatically abolished on January 1, 2021, unless amended earlier. Nonetheless, the Subsoil Code imposes local content requirements for works, services and employees.

The RUC imposes local content requirements on JV Inkai with respect to employees, goods, works and services. As a result, at least 40% of the costs of goods and equipment must be for equipment and materials purchased of local origin, 90% of the contract work (i.e. works and services) must be of local origin, and 100%, 70% and 60% of employees depending on qualifications (workers, engineers and management, respectively) must be of local origin.

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Effective January 1, 2021, under Kazakhstan law this local content requirement ceased to apply to goods procured by JV Inkai.

On August 13, 2009, a governmental resolution “On Determination of the List of Subsoil (Deposit) Areas having Strategic Importance” No. 1213 came into force whereby 231 blocks, including all three of JV Inkai’s blocks, were prescribed as strategic deposits. The Kazakhstan government re-approved this list in 2011 by its decree No. 1137, and in 2018 by its decree No. 389, which still included JV Inkai’s blocks.

Under the Subsoil Code, if a subsoil user’s actions in the performance of subsoil use operations with respect to strategic deposits result in a change to the economic interests of the Republic of Kazakhstan which create a threat to national security, the Competent Authority is entitled to require an amendment to the resource use contract for the purpose of restoring the economic interests of the Republic of Kazakhstan. The Subsoil Code prescribes strict deadlines for the parties to negotiate and execute any such required amendments and failure to comply with such deadlines entitles the Competent Authority to terminate the resource use contract unilaterally.

The Subsoil Code also allows the Competent Authority, upon a decision of the Government of the Republic of Kazakhstan, to unilaterally terminate a resource use contract if it determines that the subsoil use operations conducted thereunder will result in a change in the economic interests of Kazakhstan, which create a threat to national security. In such circumstances, the Competent Authority must provide not less than two months prior notice of such termination. The Competent Authority has the right to unilaterally terminate a resource use contract without having to apply to a court or arbitration panel for termination.

The basis for exercise by the Competent Authority of any of these powers is a “change in the economic interests of the Republic of Kazakhstan which creates a threat to national security”, which might be interpreted broadly.

Moreover, this right of unilateral termination applies retroactively to old resource use contracts.

The decommissioning regulations have been changed by the Subsoil Code. The general provisions related to decommissioning have been modified and special provisions on decommissioning of uranium fields have been introduced.

The transitional provisions of the Subsoil Code preserve the decommissioning fund mechanism applicable to the RUC and accordingly, JV Inkai continues to rely upon its existing decommissioning fund. See Section 20.1.5 for additional information.

In addition to the general provisions described above, the Subsoil Code differentiates uranium from the rest of solid minerals and provides an additional, distinct set of rules to govern uranium mining specifically. The Subsoil Code provides that a uranium deposit is granted for mining to a uranium national company (a joint stock company created by the Government of Kazakhstan’s decree and controlling stock of which belongs to the state or national management fund and conducting activities in uranium sphere) on the basis of direct negotiations. Currently, the uranium national company is Kazatomprom. The Subsoil Code does not envisage that such direct negotiations can be initiated by persons other than national companies. It follows then that new subsoil use rights for uranium mining can only be granted to a national company.

The Subsoil Code further stipulates that a subsoil use right for uranium mining (or a share in such subsoil use right) granted to a uranium national company on the basis of direct negotiations may only be further transferred to a legal entity in which more than 50% of the shares (participating

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interests) belong directly or indirectly to a uranium national company. Such a transferee, in turn, may only transfer the subsoil use right (or share in the subsoil use right) to a legal entity in which more than 50% of the shares (participating interests) belong directly or indirectly to a uranium national company.

The uranium special rules also regulate issues of termination of the uranium subsoil use right, provision of a uranium deposit and its extension/reduction, conditions, and periods of mining and project and design documents. The Subsoil Code does not generally establish a retroactive effect for these special uranium rules, subject to a few exceptions (for example, uranium contract termination provisions now apply retroactively).

Kazakhstan law (Civil Code and the Law on State Property) defines the term “strategic object” and provides that imposition of encumbrances and their alienation is subject to the approval of the Kazakhstan government. In addition, the Law on State Property provides that the Republic of Kazakhstan shall have the priority right to purchase the strategic object being disposed of.

The Civil Code provides a general description of objects which might be recognized as strategic objects while Decree No. 651 of the Republic of Kazakhstan dated June 30, 2008 approves a specific list of objects qualified as strategic (the “List of Strategic Objects”). While Kazatomprom’s interest in JV Inkai was on the List of Strategic Objects since 2008, Cameco’s interest in JV Inkai was included on the List of Strategic Objects only since 2012.

Accordingly, any encumbrances and disposal of an interest in JV Inkai requires a decree of the Republic of Kazakhstan and waiver of the priority right by the Republic of Kazakhstan.

A discussion of royalties payable by JV Inkai can be found in Section 22.5.

For a discussion of known environmental liabilities, see Section 20.1.3.

For a discussion on permitting, see Section 20.1.4.

Known factors and risks that may affect access, title and right to work on the property are described below.

Under the RUC, JV Inkai has the rights to explore for and to extract uranium from the subsoil and it owns the uranium extracted from the subsoil. Its ability to conduct these activities, however, depends upon compliance with its obligations under the RUC and laws of Kazakhstan, as well as ongoing support, agreement and co-operation from the government of Kazakhstan.

Under Kazakhstan law, the state has the right to nationalize private property by enacting a law on nationalization. As of the date of this technical report, Kazakhstan has not exercised such right but the risk of nationalization of Cameco’s interest in JV Inkai exists.

The Subsoil Code lists the violations which entitle the Competent Authority to unilateral termination of a resource use contract (for more details please refer to Section 4.5.4). If JV Inkai or its participants commit any of these violations, there is a risk of JV Inkai losing its subsoil use rights due to unilateral termination by the Competent Authority.

The Subsoil Code provides the state with the right to demand amendments to a resource use contract if activities of a subsoil user, exploring or developing a strategic deposit, result in changes

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in the economic interests of the Republic of Kazakhstan that pose a threat to national security. This, in turn, might entail a risk of diminishment of JV Inkai’s rights. The right to demand amendments might be applied broadly by the Republic of Kazakhstan leading to a risk of:

(i) curtailment of JV Inkai’s rights or (ii) termination of the RUC. This right is provided by the Subsoil Code and it applied retroactively to old resource use contracts.

JV Inkai is required to hold, and it does hold, a number of licences and permits (including but not limited to ecological permits) and therefore must comply with their requirements. Failure to obtain and to comply with the requirements of licences and permits could result in the activities JV Inkai performs under a licence or permit being limited. For example, without an ecological permit, JV Inkai will be unable to conduct subsoil operations.

Generally, other breaches of law and/or contractual obligations (such as failure to pay taxes or causing damages to a third party) may also lead to limitation of the right to use JV Inkai’s property.

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Inkai is located near the town of Taikonur, approximately 350 kilometres northwest of the city of Shymkent and approximately 155 kilometres east of the city of Kyzylorda in the south-central region of Kazakhstan. Taikonur can be reached from Astana or Almaty by flying to one of the regional cities of Shymkent or Kyzylorda, then driving on paved roads (Figure 5-1). The road to Taikonur is currently the primary access road for transportation of people, supplies and uranium product for JV Inkai.

Major airline service is available to Astana and Almaty from Europe, Russia, China and other countries in the region. From Astana or Almaty, commercial airline services are available to Shymkent, Turkistan and Kyzylorda. The direct distance from Astana to Shymkent is 980 kilometres, to Turkistan it is 890 kilometres and to Kyzylorda it is 830 kilometres. The distance by paved roads from Taikonur to Shymkent is 440 kilometres, to Turkistan it is 310 kilometres, and to Kyzylorda it is 290 kilometres.

Rail transportation is available from Almaty to Shymkent then northwest to Shieli, Kyzylorda and beyond. A rail line also runs from the town of Dzhambul to Kazatomprom’s Centralia facility to the south of Taikonur.

Inkai lies in the Betpak-Dala Desert. The ground consists of extensive sand deposits with vegetation limited to grasses and occasional low bushes. Major hydrographic systems in the area include the Shu, Sarysu and Boktykaryn rivers. These rivers typically exhibit surface water flow in May and June and revert to isolated reaches with salty water during the rest of the year.

The climate in south central Kazakhstan is semi-arid, with temperatures ranging from -35°C in the winter to +40°C in the summer. January is the coldest month, with an average temperature of -9°C. July is the warmest month, when temperatures climb to an average of +28°C. The climate of the region is continental, characterized by harsh winters and hot summers, low humidity and low precipitation. The daily fluctuation in air temperature during the summer can be up to 14°C. Site operations are carried out throughout the year, despite the cold winter and hot summer conditions.

The average precipitation varies from 130 to 140 mm/a, with snow accounting for 22 to 40% of this amount. The average air humidity is typically in the range of 56 to 59%.

The region is also characterized by strong winds. The prevailing direction of the wind is northeast, averaging 3.8 to 4.6 m/sec. Dust storms are common.

The surface elevation at Inkai ranges from 140 to 300 metres above mean sea level. The Inkai deposit is sub-divided into two morphologically diverse regions:

The sandy-brackish intercontinental deltas of the Shu and Sarysu rivers are located in the hollow between the elevation of the Betpak-Dala plateau and the Karatau Mountain range. This plain has numerous brackish and lacustrine basins, dry riverbeds, former riverbeds, and aeolian relief of various configurations. The Betpak-Dala is a slightly sloping and slanted north to south plain with deflationary basins and rare arched ridges.

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Currently, Taikonur has a population of approximately 700 people who are mainly employed in uranium development and exploration. Whenever possible, JV Inkai hires personnel from Taikonur and surrounding villages. The town has a school, medical clinic and small store. Most of the food is purchased in Shymkent or Shieli.

Inkai is a developed producing property with site facilities and infrastructure. It has sufficient surface rights to meet future operational needs given the current mineral reserves. The electrical supply for Inkai is from the national power grid. Inkai is connected to the grid via a 35-kilovolt power line, which is a branch of the circuit that supplies the Stepnoye mine east of Inkai. In case of power outage, there are standby generators. Telephone communications utilize a satellite internet system and fibre optics.

Inkai has access to sufficient water from groundwater wells for all planned industrial activities. Potable water for use at the camp and at the site facilities is supplied from shallow wells on site drawing from the Uvanas Aquifer while industrial use water is drawn from the Zhalpak Aquifer (see Section 7.1.1 for more information). The water systems include well houses, pump stations, storage for reserve demands and fire protection and distribution to points of use and fire protection mains. Sewage disposal is in a standard septic tank and leach field system.

Further details about infrastructure can be found in Section 18.

Figure 5-1: General Location Map

(Source: Cameco, 2016)

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There have been several changes in the ownership interests in JV Inkai. The current owners and their respective ownership interests are as follows:

In 1996, JV Inkai was first registered by the Kazakhstan Ministry of Justice. The original owners were Cameco, Uranerzbergbau-GmbH, and KATEP, who each held an ownership interest of 33 1/3%.

In 1997, Kazatomprom was established.

In 1998, KATEP’s ownership interest in JV Inkai was transferred to Kazatomprom. Cameco acquired the ownership interest in JV Inkai held by Uranerzbergbau-GmbH, increasing Cameco’s ownership interest in JV Inkai to 66 2/3%. Cameco agreed to transfer 6 2/3% of its ownership interest in JV Inkai to Kazatomprom, leaving Cameco with a 60% ownership interest.

In 2016, Cameco signed the Implementation Agreement with Kazatomprom and JV Inkai to restructure and enhance JV Inkai. With the restructuring, Cameco retained 40% ownership of JV Inkai while Kazatomprom increased their ownership to 60%. This agreement became effective January 1, 2018. Further details on the Implementation Agreement and the various supplemental agreements thereto can be found in Section 24.1.

Currently, the Joint Stock Company Sovereign Wealth Fund “Samruk-Kazyna” holds a 63% share and the Ministry of Finance holds 12% of Kazatomprom, with the Republic of Kazakhstan owning 100% of both entities. The remaining 25% of Kazatomprom shares are floated on the London Stock Exchange and Astana International Exchange.

The Inkai deposit was discovered during drilling campaigns conducted from 1976 to 1978 by the Volkovskaya Expedition. By that time, prospecting and exploration programs had also resulted in the identification of the Uvanas, Zhalpak, Kanzhugan and Mynkuduk deposits. Together with the Inkai deposit, they formed a large new uranium mineralization prospect in the Shu-Sarysu Basin.

Exploration drilling progressed until 1996, at which time, the main exploration grid for Blocks 1 and 2 was mostly developed along fence lines 400 to 800 metres apart, with drillholes centered 50 metres apart. In several areas, the distance between fence lines was reduced to 200 by 50 metre spacing. Block 3 was characterized by significantly lower drilling density, ranging from 800 by 50 metres to 1,600 – 3,200 metres by 100 – 800 metres. All historical exploration and delineation drilling within the MA Area, as listed in Table 6-1, was carried out prior to JV Inkai obtaining its licences for Inkai. A map of the location of the historical and current drill holes within the MA Area is presented in Figure 10-1.

Table 6-1: Historical Drilling

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Regional and local hydrogeology studies were completed on the Inkai deposit dating back to 1979. Numerous borehole tests characterize the four aquifers within the Inkai deposit: the Uvanas, Zhalpak, Inkuduk and Mynkuduk.

Other exploration and development highlights include:

1980s

1990s

2000s

2010s

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2020s

There are no historical mineral resources and mineral reserve estimates within the meaning of NI 43-101 to report.

A pilot leach test, using the ISR mining method, was performed in the northeast area of Block 1 starting in December 1988. The test lasted for 495 days and recovered approximately 0.1 million pounds of U₃O₈. The pilot leach test in Block 2 started in 2002 and was completed in 2006, recovering approximately 2.0 million pounds of U₃O₈. The test wellfields continued to produce with commercial production starting in 2009.

A pilot leach test was performed in Block 3 between 2015 and 2017 recovering approximately 1.1 million pounds of U₃O₈ (not reflected in table below).

Inkai packaged production and Cameco’s share to September 30, 2024 is shown in Table 6-2.

Table 6-2: Inkai Uranium Production

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The geology of south-central Kazakhstan is composed of a large relatively flat basin of Cretaceous to Quaternary age continental clastic sedimentary rocks. The Chu-Sarysu Basin extends for more than 1,000 km from the foothills of the Tien Shan Mountains located on the south and southeast sides of the basin, and merges into the flats of the Aral Sea depression to the northwest.

The basin is up to 250 kilometres wide, bordered by the Karatau Mountains on the southwest and the Kazakh Uplands on the northeast. The basin is composed of gently-dipping to nearly flat-lying fluvial-derived unconsolidated sediments comprising inter-bedded sand, silt and local clay horizons. These sediments contain several stacked and relatively continuous, sinuous roll-fronts or redox fronts hosted in the more porous and permeable sand and silt units (Figures 7-1 and 7-2).

Economic uranium mineralization within the Chu-Sarysu Basin was studied extensively from 1971 to 1991. Several uranium deposits were identified across the Chu-Sarysu and its neighbour, the Syr-Darya basin, separated by the Karatau Range uplift. These deposits have been grouped into the Chu-Syr Darya mineralized region. The Zhalpak, Mynkuduk, Aqdala, Inkai, South Inkai and Budenovskoe deposits are hosted by Upper Cretaceous sequences and form the Zhalpak-Budenovskoe mineralized belt situated in the northwestern part of the Chu-Sarysu Basin. The Kanzhugan, Muyunkum, Tortkuduk and Uvanas deposits are hosted by Upper Cretaceous and Paleocene-Eocene sequences, forming the Uvanas-Kanzhugan mineralized belt situated in the central part of the Chu-Sarysu Basin.

The Cretaceous and Paleogene sediments hosting the uranium deposits are associated with large fluvial systems.

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Figure 7-1: Geological Map of Chu-Sarysu Basin and Its Surroundings

(Source: Cameco, 2024)

Figure 7-2: Schematic Cross-section of the Chu-Sarysu Basin – Looking West

(Source: Kislyakov and Shetochkin, 2000; modified by Cameco in 2016)

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Hydrostratigraphy plays key roles in both the formation of the uranium sandstone deposits and the ISR mining method.

The Inkai deposit is located in the north-western part of the Suzak artesian basin that comprises two hydrogeological stages: an upper platform stage and a lower basement stage.

The upper platform stage is related to Quaternary-Neogene and Paleogene-Cretaceous deposits. The hydrogeological section of the platform stage reveals two hydrogeological sub-stages. The upper hydrogeological sub-stage is the Betpak-Dala aquifer (fine-grain sands) and other aquifers of sporadic occurrence. In general, these aquifers contain non-potable brackish and saline water. These upper aquifers are hydraulically isolated from the lower hydrogeological sub-stage aquifers by the regional Intymak clay aquitard of the Lower and Upper Eocene which is about 100 to 150 metres thick.

The lower basement stage contains groundwater in fractured rocks of Paleozoic age. It contains four aquifers within Paleocene and Upper Cretaceous strata, listed from top to bottom as follows:

Groundwater movement in the Chu-Sarysu Basin is towards the north-westerly discharge areas. The annual natural groundwater movement averages one to four metres, depending on the various permeabilities of the different sand horizons.

The lower aquifers have a common recharge area (the Karatau ridge and the Tien-Shan Mountains) and discharge into topographic depressions of the region-saline lands of Ashikol, Askazansor, and Lake Arys. Regional groundwater flows north-north-west. Permian claystones and siltstones underlay the Mynkuduk aquifer and appear to be a regional aquitard. Elsewhere in the region, the groundwater is tapped by numerous boreholes for livestock watering. Groundwater from the lower aquifers is not used at Inkai or in the surrounding area. The hydrogeology of the Inkai deposit is further described in Section 16.

The stratigraphic sequence at Inkai ranges from Cretaceous to Quaternary sediments. A schematic stratigraphic cross- section of Inkai is presented in Figure 7-3.

Neogene-Quaternary sediments of continental origin form the uppermost cover. They do not host significant uranium occurrences. These are underlain by 100 to 150 metres of Paleogene clay-dominated marine sediments. Elsewhere in the basin, these display a lower facies transition zone of brackish sediments that hosts the uranium deposits of Tortkuduk and of the Taukent area (Kanzhugan and Moynkum).

The underlying Upper Cretaceous strata are divided into three horizons, listed from youngest to oldest: the Zhalpak horizon; the Inkuduk horizon; and the Mynkuduk horizon.

Zhalpak horizon

The Zhalpak horizon is Campanian-Maastrichtian in age, and is generally comprised of a medium grained sand, with occasional clay layers.

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Inkuduk horizon

The Inkuduk horizon is Coniacian-Santonian in age, and is typified by medium to coarse-grained sands, with occasional gravels.

In the Inkuduk horizon, there are three sub-horizons representing indistinct transgressive alluvial cycles composed of several incomplete elementary rhythms. Lower and middle sub-horizons are composed mainly of coarse clastic sediments of channel facies while the upper sub-horizon is made of floodplain channel formations. The thickness of the Inkuduk horizon is up to 120 metres, and the depth to the bottom varies from 300 to 420 metres at the Inkai deposit, being a function of both basin architecture and the topography.

Mynkuduk horizon

The Mynkuduk horizon is Turonian in age, unconformably overlying the Permian argillites and dominated by fine to medium-grained sands. These sands are generally well sorted, reflecting a probable overbank environment.

Sediments of the Mynkuduk horizon represent an alluvial cycle of the first order where several (up to ten) elementary rhythms with a thickness up to several metres can be identified. Each of them begins with coarse, poorly sorted gravel, inequigranular sands with gravel and pebble and ends with small, clastic rocks, sometimes interbeds (up to 20 centimetres) of dense sands with carbonaceous cement. In some areas within the basal part of the horizon, mottled sandy clays and siltstones of floodplain facies are developed.

The dominating colour of the rocks is greyish-green to light-grey for the channel sand-gravel sediments. The total thickness of the sediments of the Mynkuduk horizon in the area is 60 to 80 metres.

Regular alternation of channel sediments with floodplain sediments is characteristic of lateral direction, where initial mottled and green sand-clay formations in floodplains and watersheds are replaced by channel midstream, grey bar sands.

The depth to the Paleozoic unconformity increases to the west and south. At the east end of the Mynkuduk deposit, the unconformity is at a depth of approximately 250 metres. It deepens to 350 to 400 metres where the Mynkuduk and the Inkai deposits meet, to 500 to 600 metres at the south end of Inkai, and to more than 700 metres at the Budenovskoe deposit.

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Figure 7-3: Schematic Stratigraphic Column for the Chu-Sarysu Basin

(Source: Kislyakov and Shetochkin, 2000; modified by Cameco in 2016)

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Uranium mineralization in the Sat1 and Sat2 Area mostly occurs in the middle and upper parts of the Inkuduk aquifer. In the MPP Area, uranium mineralization is generally associated with the Mynkuduk aquifer.

As presented in Figure 7-4, the roll front mineralization is hosted by four horizons: the Middle Inkuduk; the Lower Inkuduk; the Upper Mynkuduk, and the Lower Mynkuduk horizons. Horizons are divided into sub-horizons as shown in Table 7-1.

Table 7-1: Horizons and Sub-horizons Division

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Figure 7-4: Inkai Uranium Roll Fronts

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Regional structures in the Chu-Sarysu Basin have had some control in the development of the sedimentary facies and to the movement of uranium bearing groundwater forming the roll fronts. While the hydrostratigraphy of the Cretaceous formations are interpreted to be the primary control to mineralization, structure contour maps of the basement Palaeozoic rocks indicate that linear depressions in the surface may also play a role in overlying roll front development.

Different lithologic and geochemical types have been studied to determine the total organic carbon and iron contents.

The zone of uranium mineralization is located along the geochemical barrier marked by the contact zone of partially oxidized rock and the reduced, primary grey-coloured rock. Iron oxides are nearly absent in this zone and organic carbon content is lower. Some associated pyrite, and sometimes carbonates can be present. Four geochemical host rock types have been identified at the deposit:

The initial colours are typical of channel or flood-plain facies. Diagenetically reduced grey sands and gravel of channel facies are more favourable for uranium deposition compared to greenish-grey or grey-green sands.

Occurrence and development of facies of Upper Cretaceous continental mottled alluvial formation is controlled by syn-sedimentary structures consistent with the tectonic pattern of the basin. Structural-facies control of mineralization is clearly observed in mineralization of the lower Mynkuduk horizon but is less distinct in the upper horizons.

From observations of core, the redox boundary can be readily recognized by a distinct colour change from grey and greenish-grey on the reduced side to light-grey with yellowish stains on the oxidized side, stemming from the oxidation of pyrite to limonite and consumption of organic carbon.

The propagation of the oxidation fronts is affected by hydrostratigraphy (controlling fluid paths and velocities), and rock composition (controlling redox reactions). The implied groundwater movement direction was from the southeast to northwest, leading to the formation of oxidation tongues also oriented to the northwest. It gives rise to characteristic geometries of the redox fronts and associated mineralization described in more detail in the following section.

The Inkai deposit has developed along a regional system of superimposed redox fronts in the porous and permeable sand units of the Chu-Sarysu Basin. The overall strike length of the redox fronts and related mineralization envelopes at Inkai is approximately 40 kilometres. The stratigraphic horizons of interest in the basin, located between 250 and 550 metres below surface, have a combined total thickness which ranges from approximately 200 to 250 metres. Four mineralized horizons are present within the Inkai deposit MA Area:

Extent and dimensions in plan view by mineralized horizon are shown in Table 7-2.

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Table 7-2: Extent and Dimensions by Mineralized Horizon

Morphology in plan view

In plan view, the mineralized fronts have an irregular sinuous shape, comprising of southwestern and northeastern limbs joining to form prominent northeast-oriented frontal crests and southeast-oriented posterior troughs of various scales. The wavelength of the larger-scale sinusoid varies from 1 to 5 kilometres, with the corresponding peak- to-peak amplitude varying from 2 to 10 kilometres. Often, the irregular shape of a larger scale sinusoid is further complicated by smaller scale irregular sinusoids with more variably oriented limbs, crests and troughs, with wavelengths ranging from 100 to 500 metres and amplitudes from 200 to 1,000 metres. In plan view, the width of the limbs is typically narrower than that of the frontal crests and rear troughs which usually contain most of the metal accumulations. Notable differences in the mineralization can be observed between different horizons and sub-horizons as shown in Figure 7-4.

In general, the mineralization in the Mynkuduk and Lower Inkuduk horizon is less than 40 to 100 metres wide in the limbs and can reach up to 600 metres in the crests and troughs. The mineralization in the Middle Inkuduk horizon tends to be more developed, especially in the central to northern part of the deposit where it ranges from 50 to 400 metres width in the limbs and up to 1,400 metres width in the crests and troughs.

In the Middle Inkuduk horizon, the mineralization is found in coarse sands of the main channel or streambed facies. Here, the mineralized fronts are farthest advanced to the northwest aligning with the direction of groundwater flow. In the Lower Inkuduk and Mynkuduk horizons, mineralization usually lags somewhat behind, along a complex system of superimposed suturing oxidation tongues. Stacked mineralization is also observed where it occurs in different horizons over the same area; for example, in the Sat1 and Sat2 Areas, where up to five mineralization levels can be observed.

Morphology in cross-section view

Observed roll-front morphologies shown in Figure 7-5 are classified in five major groups:

7.3.4 Mineralogy

Uranium

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The main uranium minerals are sooty pitchblende (85%) and coffinite (15%). Sooty pitchblende occurs as micron-sized globules and spherical aggregates, while coffinite forms microscopic crystals. Both minerals occur in pores on interstitial materials such as clay minerals, as films around and in cracks within sand grains, and as pseudomorphic replacements of rare organic matter which is also commonly associated with pyrite. The pyrite is interpreted to have formed after the growth of pitchblende as it often coats or rims the uraniferous films and aggregates.

Other elements

Overall, elements of potential concern (EOPC) such as molybdenum (Mo), selenium (Se) and vanadium (V) occur in background levels consistent with average values for the Earth’s crustal rocks. However, elevated local vanadium and molybdenum values are sometimes observed where organic material has accumulated. The general distribution of EOPC in the roll-fronts is represented in Figure 7-6.

Authigenic minerals includes pyrite, siderite, calcite, native selenium, chlorite, sphalerite, pyrolusite and apatite.

Additional quantitative methods of analysis in mineralized and waste sands were used to study the content of rhenium, scandium, yttrium, and other rare earths.

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Figure 7-5: Roll-Front Morphology of Mineralization

(Source: Kislyakov and Shetochkin, 2000; modified by Cameco in 2016)

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Figure 7-6: Typical Characteristics of a Roll-Front Deposit

(Source: Cameco, 2017)

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The Inkai uranium deposit is a roll-front stratiform system. Roll-front deposits are a type of stratiform deposit that forms within permeable sandstones in localised reduced environments. Microcrystalline uraninite and coffinite are deposited during diagenesis by oxygenated and uraniferous groundwater, in a crescent-shaped lens that cuts across bedding and forms at the interface between oxidized and reduced lithologies. Sandstone host rocks are medium to coarse grained and were highly permeable at the time of mineralization.

They form in continental-basin margins, fluvial channels, braided stream deposits and stable coastal plains. Contemporaneous felsic volcanism or eroding felsic plutons are the typical sources of uranium. In tabular mineralization, source rocks for uranium-bearing fluids are commonly in overlying or underlying mud-flat facies sediments.

Soviet geologists established the spatial relation for this type of uranium mineralization between the boundaries of the yellow oxidized sand sediments of aquifers and unoxidized grey sand sediments in Uzbekistan in 1956. These were named “bed oxidation zones” deposits by Soviet geologists, and characterised by:

The mineralizing system responsible for the formation of the uranium deposits in the Chu-Sarysu Basin is related to the rise of the Tien-Shan Mountains which started in the Oligocene and is still active today. (Kislyakov and Shetochkin, 2000).

The geological model for stratabound roll-front deposits incorporates the following oxidation states:

The zone of uranium mineralization is located along the geochemical barrier marked by the contact zone of the partially oxidized rock and the primary reduced rock. The uranium-bearing zone generally extends for tens of metres but can extend, albeit rarely, for a few hundred metres (in cross-section across the roll front), to several kilometres along the roll-front.

The geochemical properties of the host rocks are determined by their primary composition and particle size distribution, as well as by their permeability and other hydrological characteristics. The reduced chemical state of the host rocks develops during diagenesis following deposition, or possibly as the result of later geological events, such as the introduction of hydrocarbons.

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The reduction processes are accompanied by the development of grey, dark-grey and greenish-grey coloured host rocks. Epigenetic alteration taking place during reduction, include bituminization, carbonatization, sulphidation, argillization and decomposition of iron minerals result in bleaching of the sediments.

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The MA Area is in production. All completed exploration and delineation work in the MPP, Sat1 and Sat2 Areas is described in Section 6.2 and Section 10. No further exploration activities are planned.

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JV Inkai’s uranium exploration and delineation drilling programs in the MPP, Sat1 and Sat2 Areas were conducted by drilling vertical holes from surface. Delineation of the areas and their geological and geophysical features were carried out by drilling on a grid at a prescribed density of 3.2 to 1.6-kilometre line spacing and 200 to 50-metre hole spacing with coring. Additional information was obtained by further drilling at grids of 800 to 400 x 200 to 50 metres with coring and 200 to 100 x 50 to 25 metre grids, usually without core being recovered.

Vertical holes are drilled with a triangular drill bit for use in unconsolidated formations down to the target horizon, at which point the rest of the hole is cored. At the Inkai deposit, approximately 50% of all exploration holes are cored through the entire mineralized interval. Sampling, radiometric probing, hole deviation, geophysical and hole diameter surveys are done by site crews and experienced contractors.

As the mineralized horizons are generally horizontal and the drill holes are nearly vertical, the intercepts approximate the true thickness of the mineralization.

The total number of holes drilled at Inkai is presented in Table 10-1. The locations of the drillholes are shown in Figure 10-1.

Table 10-1: Exploration and Delineation Drilling at Inkai

The methodology of exploration-delineation programs and all related procedures for geological, geophysical, and analytical work follows the SRC guidelines for exploration and delineation of uranium deposits.

Exploration-delineation drilling programs

Historical drilling information was relied upon to estimate Inkai’s original mineral resources and reserves for the MA Area.

Additional exploration and delineation work was completed in the Sat2 Area by JV Inkai from 2006 to 2016.

A delineation and infill drilling program was completed in the Sat1 Area, by JV Inkai from 2016 to 2018. The program was designed to refine the geological model to be used for resource estimation and classification of the area.

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From 2013 to 2024, additional pre-production drilling was conducted within the MA Area to better establish the mineralization distribution and to support further development and wellfield design.

JV Inkai’s Geology department oversaw the exploration drilling program, including the drilling program and management of contractors. JV Inkai retained a contractor, Volkovgeology, to direct and coordinate day-to-day drilling activities, and to ensure the quality of drilling, core recovery, surveying, geological logging, sampling, assaying and daily data processing. All downhole geophysical logging was performed by JV Inkai logging crews while drilling was performed by a number of contractors, supervised by Volkovgeology.

In compliance with the requirements of the SRC, drilling conducted on grids of 400 x 50 metres or greater are cored. A minimum core recovery of 70% is required in at least 70% of the drillholes for further studies. The infill drillholes in 200 x 50 metre drilling patterns consisted of predominately coreless drillholes.

Core recovery is generally considered to be acceptable, given the unconsolidated state of the mineralized material. Resource estimates are based on gamma log results. Core sample assays are used for correlation purposes if core recovery was at least 70%. Average core recoveries at Inkai are:

Downhole geophysical logging is used to inform the geological modelling, the estimation of uranium distribution and content and to characterize the hydrogeological and metallurgical characteristics. JV Inkai owns six geophysical downhole logging trucks, fully equipped for conducting the following types of data collection:

Radiometric, resistivity and spontaneous potential logging is conducted in un-cased drillholes over their entire length.

AtomGeo, the specialized software developed by Volkovgeology, is universally used throughout uranium mines and exploration projects in Kazakhstan. It centralizes entry, storage, processing and retrieval of drillhole-related geological information. The raw geophysical data are entered into the AtomGeo database by JV Inkai staff after validating the data.

A copy of the database is given to the Volkovgeology data processing centre in Almaty for more rigorous data processing. Correction coefficients for gamma probe readings are determined considering relevant factors, including correction for disequilibrium. Resulting equivalent U₃O₈ grades are then checked against the chemical assay results. A specifically formatted drillhole file is then prepared and later used in building cross-sections and plans for use in resource estimation. Volkovgeology performs this work under a separate contract with JV Inkai.

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Every drillhole at Inkai is logged for total count gamma radiation which is adjusted for disequilibrium based on core assays to determine the equivalent uranium content for resource estimation. The probes use sodium-iodine crystals which are 30 x 70 millimetres in size and are shielded by lead filters 0.9 to 1.1 millimetres in thickness. The preparation of devices and equipment for operation, methods and techniques of logging are kept in strict compliance with the requirements from the instruction manuals on operation and gamma-logging. The readings are measured in micro-roentgen per hour and are taken at 10-centimetre intervals down the length of the drillhole.

The data from the gamma logging is processed and interpreted using the AtomGeo software, which uses an algorithm of differential interpretation (deconvolution), as recommended by the SRC logging instruction manual. During processing, adjustments are made for absorption of gamma radiation by mud and for moisture within the mineralization. The first adjustment is made based on the nominal diameter for the drilled mineralized intervals following verification against caliper logging measurements. A 15% adjustment for humidity is applied on the basis of numerous measurements. In addition, adjustments for radioactive equilibrium and radon release are made manually on the diagrams of differential interpretation.

Caliper logging is performed in approximately 10% of the drillholes. Calipers are calibrated before and after each logging run by using reference rings of various diameters. When comparing the results of the calliper logging to the corresponding nominal diameters of the drillhole intervals, the difference is generally less than 2% and the standard deviations did not exceed the allowable values indicated by the instruction manual. On this basis, it was concluded that for the calculation of the gamma-ray absorption coefficient, the nominal diameter of drillholes could be used.

Directional surveys are carried out on every drillhole at Inkai to measure the hole deviation. Survey measurements are collected every 20 metre down the length of the drillhole with a check measurement at every fifth point conducted two to three metres above the original survey point. Additional checks are conducted in cases where significant deviations occur between individual interval points. The drift indicator is calibrated at least once per month.

These methods are used on all holes to identify the lithologies and stratigraphic features, and to assess the permeability of the rocks in place.

The qualified persons responsible for this section considers that the methods and procedures used in the exploration and drilling programs were satisfactory and there are no known drilling, sampling or core recovery factors that could materially affect the accuracy and reliability of the results. For a further discussion of sampling and core recovery factors, see Section 11.

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Figure 10-1: Drill Hole Collar Location Map

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The sampling, sample preparation, analyses and sample security used during the exploration and delineation programs followed the procedures and manuals which adhere to the requirements set out in the SRC guidelines.

Sampling of the mineralization is based on drilling grids that progressively tighten with increasing levels of geological knowledge and confidence. The line and drillhole spacing decreases as follows:

Drill core is logged in log journals following the developed manuals and representative core samples are selected for the following analyses and tests:

Detailed sampling procedures guide the sampling interval within the mineralization. Where core recoveries are greater than 70% and radioactivity is greater than 40 micro-roentgens per hour, core samples are taken at irregular intervals of 0.2 to 1.2 metres. Sample intervals also are differentiated by barren or low-permeability material. The average core sample length is 0.4 metre. The sampling is conducted from half the core divided along its axis. Core diameter is 60, 70 or 100 millimetres depending on depth. The required sample weight is determined based on the length of the samples and the diameters of the core sampled.

Sample preparation and assaying are done by Volkovgeology following SRC guidelines. When core samples are being analyzed for geochemistry, they are primarily analyzed for grain size and assayed for uranium, radium, thorium, potassium and carbonate content. On selected fence lines, a more extensive study of geochemistry is undertaken.

The core samples for uranium and radium determination are taken from representative intervals. Samples are ground down to pass 1.0 mm mesh size and are subsequently subdivided until the final representative weight of samples and duplicates is reached (0.2 kilogram) at the final division stage.

Additional duplicate samples are collected by a different sampler from the second half of the core split for quality control purposes.

The laboratory tests for uranium and radium were performed by the Central Analytical Laboratory (CAL) of JSC Volkovgeology, located in Almaty. The laboratory was certified and licensed by the National Centre for Accreditation of the Republic of Kazakhstan to comply with the STRK ISO/IEC 17025-2007 standard, Certificate number KZ.I.02.1029. Volkovgeology is a subsidiary of Kazatomprom, which is part owner of JV Inkai. The uranium content was determined using X-ray fluorescence spectrum analysis while the radium content was determined through gamma-X-ray

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spectrum analysis. Assays from core sampling are only used for gamma probing correlation and radioactive disequilibrium determination purposes.

Each drillhole has been entirely gamma probed with the data being recorded in digital form by the logging equipment and stored in the individual drillhole files. In the anomalous zones and their vicinity, the profile of radioactivity measurements in micro-roentgen per hour, taken every 10 centimetres, were digitized. All data is stored in the AtomGeo database.

As a correlation has been established between radioactivity and radium content, it is possible to convert this radioactivity into radium grade. The process used is performed by means of AtomGeo. This program takes into account the characteristics of the drillhole (diameter, fluid density and casing), the characteristics of the surrounding ground (density) and the characteristics of each individual probe.

The conversion of radium grade into uranium grade is dependent on the radium-uranium equilibrium. A disequilibrium factor related to the interpreted location of the mineralized intervals in the roll-front is applied.

Density determinations are typically made on 100 to 150 samples per mineralized horizon which are analyzed using the dry bulk density method. Based on results, a constant density of 1.70 t/m³ is used for mineralized material.

All drilling, logging, core drilling, and subsequent core splitting and assaying were completed under the direction of various geological expeditions of the USSR Ministry of Geology and later under the supervision of Volkovgeology.

Sampling reproducibility for the uranium and radium assays was determined by two methods: (1) having the remaining half of the core sampled by another sampler, and (2) by compositing samples consisting of the original sample rejects and samples of the remaining half of the core. The standard deviation for (1) did not exceed 12.9% for grades less than 0.012% U₃O₈ and 7.8% for grades greater than 0.012% U₃O₈ and the standard deviation for (2) did not exceed 13.4% for grades less than 0.012% U₃O₈ and 7.8% for grades greater than 0.012% U₃O₈.

In order to ensure the assay accuracy and reliability for the purposes of correlation with gamma probing and disequilibrium determination for resource estimation, the following quality controls were carried out:

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Based on numerous QA/QC controls applied by Volkovgeology, including gamma probing correlations as well as internal checks and external inter-laboratory checks, the repeatability of the results for uranium and radium confirmed the accuracy of uranium and radium values with no significant systematic deviations identified.

Sampling and analysis procedures have been examined by Cameco and an independent consultant and found to be detailed and thorough. The qualified persons for this section have reviewed the data and are of the opinion that it is of adequate quality to be used for mineral resource and mineral reserve estimation purposes. Supporting this opinion is the fact that expected model results are within 2% of the 85% planned overall recovery.

With respect to historical Kazakhstan exploration on the MA Area, Cameco has been unable to locate the documentation on sample security. However, based on the rigorous QA/QC used in other areas of sampling, the regulations imposed by the Kazakhstan government and comparisons against current data, Cameco believes that the security measures taken to store and ship samples were of the highest quality.

The qualified persons for this section have witnessed core handling, logging and sampling at Inkai, and consider that the methodologies are satisfactory and the results representative and reliable. The qualified persons for this section are satisfied with all aspects of probing, sample preparation, assaying, QA/QC and security for samples resulting from drilling by JV Inkai and believe that the security measures taken to handle, store and ship samples are acceptable.

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The historical exploration and drillhole data, which forms part of the database used for the current mineral resource and mineral reserve estimates, included information relevant to the MPP Area of the Inkai deposit, as well as some of the data relevant to the Sat1 Area on which the historical Kazakhstan mineral resource and reserve estimate was based. This information was summarized in the “Report of the Expedition No. 7 on the First Stage of the Detailed Exploration-Delineation of the Inkai Uranium Deposit for the Period 1979–1991”, issued by Volkovgeology in 1991.

In 2002, Cameco geoscientists obtained access to the detailed dataset which included:

The following information was verified by Cameco geoscientists:

In addition, sampling and analysis procedures used for the MPP Area resource estimate were examined by both Cameco geoscientists and an independent consultant and found to be detailed and thorough. The relationship between radioactive readings and calculated radium grades obtained from the use of the method was studied in detail at that time, showing a good relationship between radioactivity and radium grade in most locations.

The qualified persons have reviewed the summary reports including the methodologies employed at the time and are satisfied with the quality of data used for the MPP Area estimate. Review of historical Sat1 Area drilling information, ISR test results and commercial production since 2009 in comparison to the model supports this opinion.

Following additional infill delineation, an estimate for the Sat2 Area was completed in 2017 by Two Key LLP (2K), a company contracted by JVI and summarized in “Report on the results of exploration of Block 3 of the Inkai uranium deposit with a feasibility study and the estimation of uranium resources as of 01.01.2017.”. This was followed by an estimate update in the Sat1 Area in 2020, again completed by 2K, and summarized in “Report on the results of exploration of Block 1 (north-western and central parts of the Block 1) of Inkai deposits for the period 2018-2019 with reserves calculated as of 01.01.2020”.

The following information, in digital format for both the Sat1 and Sat2 Area datasets, were reviewed and verified by the qualified persons:

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Minor data inconsistencies were identified during these reviews but are considered to have minimal impact on the mineral resource and/or mineral reserve estimate.

To validate the Sat1 Area and Sat2 Area GT area average estimates, 3D resource estimates were generated by both 2K and Cameco geoscientists for validation purposes which compared well on a tonnage and pounds basis.

All of the drillhole information in use at Inkai is provided to Cameco upon request. The current database has been validated a number of times by geoscientists with JV Inkai, JSC Volkovgeology, the SRC, 2K, and Cameco geoscientists. Correlation on grade-thickness from radioactivity and from radium grade (and its subsequent conversion to uranium grade based on radium-uranium equilibrium) has been reviewed by Cameco geoscientists and found to be accurate and reliable. Cameco geoscientists, including the qualified persons for this section, have witnessed or reviewed drilling, core handling, radiometric probing, logging, sampling processes and facilities used at the Inkai mine and consider the methodologies to be satisfactory and the results representative and reliable.

In consideration of the above, the qualified persons for this section are satisfied with the quality of data and consider it valid for use in the estimation of mineral resources and mineral reserves for the MA Area. Comparison of Cameco estimates against JV Inkai mineral resource and reserve models, subsequent wellfield drilling results on the MA Area, the results of the leach tests and mine production against the model estimates support this opinion.

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The ISR mining method at Inkai uses a sulphuric acid-based lixiviant. The resulting UBS is processed at the MPP, Sat1 and Sat2 to obtain eluate which is further processed at the MPP to currently produce uranium peroxide yellowcake.

Exploration at Inkai started in the late 1970’s involving sampling, assaying and mineralogical studies at Blocks 1, 2 and 3. Standardized column leach tests on composite samples were performed to measure average uranium UBS grades and levels of acid consumption. Uranium recoveries approaching 85% or greater were achieved with all samples.

A pilot test, using the ISR mining method, was performed in the northeast area of Block 1 starting in December 1988. The pilot leach test in Block 2 started in 2002 and was completed in 2006 while the pilot leach test in Block 3 was initiated in 2015 and completed in 2017.

Commercial production at MPP and Sat1 and Sat2 started in 2009, 2010 and 2018 respectively.

Since the MPP, Sat1 and Sat2 processing plants have been in commercial production for a significant period, validating the test work results, the qualified person for this section has determined that the metallurgical test results for these three operating process circuits are no longer significant or relevant in regard to forming the basis of future recovery assumptions and estimates.

The overall surface process recovery for MPP, Sat1 and Sat2 operations is approximately 98%. It is expected to remain at this level for the remainder of the current LOM Plan. Inkai process plant recoveries, based on the commercial production results over the years (see Figure 13-1) is included in the expected overall 85% metallurgical recovery used to support the mineral reserves (discussed further in Section 16).

Figure 13-1: Processing Plants Total Average Recovery (2015-June 30, 2024)

Engineering work for a process expansion of the Inkai circuit to 10.4 million pounds U3O8 per year has been completed and construction is in progress. The expansion project includes an upgrade to the yellowcake filtration and packaging units and the addition of a pre-dryer and calciner.

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Calcination of Inkai produced uranium peroxide (i.e. UO₄•nH₂O) test work was completed at the Nuclear Physics Institute in Almaty, Kazakhstan in 2017 to support the design specifications for the production expansion project. The expansion project includes the addition of a pre-dryer and calciner which will convert the currently produced uranium peroxide (UO₄•nH₂O), a product of approximate 65 %U unit mass content, to calcine (triuranium octoxide - U₃O₈), a product of approximate 85 %U unit mass content. This change will significantly reduce unit transportation costs per unit mass U produced and to some extent reduce impurity content within the packaged product (i.e. primarily sulphur and nitrogen).

Differential thermal analysis (DTA), differential thermogravimetry (DTG) and time temperature transition (TTT) tests were performed on the uranium peroxide product over the required temperature range. The results of the study informed the design parameters for the required process equipment to convert the uranium peroxide to calcine product.

As discussed in Section 7.3.4, all potential contaminants in the deposit such as molybdenum, selenium, and vanadium occur at background levels consistent with the average values for the Earth’s crustal rocks. The effect of calcium, magnesium and aluminum precipitates on permeability was also studied. It was determined that any reduction in permeability caused by the associated salts could be addressed by increasing the lixiviant acid strength.

Due to the closed-loop nature of the process, accumulation of nitrate, chloride, ferrous, ferric ions and other impurities could potentially impede surface process recovery and are monitored on a regular basis.

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The estimated mineral resources at Inkai are located in the MA Area. The resource models were prepared by Volkovgeology and Two Key LLP following the SRC guidelines under the GKZ System. The resource estimates were approved by the SRC in 1993 for the MPP Area, in 2021 for the Sat1 Area, and in 2017 for the Sat2 Area. The current mineral resources and reserves estimates are based on 3,800 surface drillholes.

Inkai’s mineral resource estimates have been validated by Cameco. Cameco has also established an alignment of the GKZ system to the CIM Definition Standards classifications.

The classification of mineral resources and their subcategories conform to the CIM Definitions Standards adopted by the CIM Council (as amended) which are incorporated by reference in NI 43-101. Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as mineral reserves. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

As illustrated in Figure 14-1, the known mineralization at Inkai occurs over three areas, referred to as the MPP, Sat1 and Sat2 Areas. Mineral resources for the three areas have been estimated following the SRC guidelines methodology.

All procedures for geological, geophysical and analytical work for Inkai, as well as resource estimation and classification, follow the guidelines for exploration and delineation of uranium deposits (GKZ, 1986). The guideline was first developed by the State Reserve Commission of the USSR. It was followed by the guideline issued in 2008 by the SRC, specifically developed for the roll-front uranium deposits in Kazakhstan (SRC, 2008).

The guidelines outline the main requirements and standards for exploration, delineation and related work, including:

The requirements for geophysical logging, data processing, analytical and topographic work must follow additional guidelines specifying the standards for equipment performance, QA/QC protocols and other similar items.

The SRC guidelines represent a significantly more detailed and prescriptive set of requirements in comparison to NI 43-101, the CIM Definition Standards and the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines.

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The GKZ system, still used in Kazakhstan, is gradually being replaced by the KAZRC Code developed in 2016, which contains a checklist outlining the recommended additional criteria for estimation and reporting of uranium for in situ leaching. The checklist is consistent with the requirements of the SRC guidelines, although represents a much higher-level summary.

The regulations in Kazakhstan require that definitive mineral resource estimation reports submitted to the SRC be based on an approved set of parameters. These parameters must be substantiated in a study known as a TEO, which must be submitted and approved by the SRC. The study is required to include a mining plan, technical and economic parameters, cost estimates for capital expenditures and operating expenditures, and commodity price forecasts relevant to the deposit’s development.

The TEO corresponds to a Feasibility Study as defined in the International Reporting Template (FGU GKZ and CRIRSCO, 2010). It provides a set of parameters allowing distinguishing parts of mineralization that can be profitably extracted (the so-called “Balance” part) from parts which cannot be profitably extracted (the so-called “Off-Balance” part) at the time of estimation in accordance with technical-economic calculations carried out in the study. Cameco only uses the “Balance” part of mineralization for defining Inkai’s mineral resources and the basis for mineral reserves.

The required TEO studies were completed and approved by SRC based on the results of exploration-delineation drilling programs and accompanying studies of hydrogeological and technical characteristics, as well as laboratory column leach and field ISR tests.

The mineral resource estimation reports describe, in greater detail, the geological, hydrogeological and geotechnical characteristics of the deposit based on the results from delineation drilling, geochemical and physical analyses, geophysical studies, and the laboratory and field ISR tests. They also detail the delineation and the grade x thickness (GT) area average resource estimation method.

The key assumptions and parameters used to estimate the mineral resources are as follows:

Additional key parameters based on SRC guidelines, including cut-offs, are listed in Table 14-1.

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Table 14-1: Cut-offs and Additional Estimation Parameters

The key methods used to estimate the mineral resources are as follows:

The geological modelling and mining applications used were AtomGeo, MapInfo and Micromine.

In Kazakhstan, mineral resources and reserves are classified according to the 1981 “System of Classification of Reserves and Resources of Mineral Deposits” (GKZ). The SRC uses the GKZ system.

The categories are denoted in the order of decreasing geological confidence as A, B, C1, C2, and P1. The KAZRC Code provides a useful frame of reference in converting the resource categories of the GKZ system to other national systems, including the CIM system.

The GKZ system B, C1 and C2 categories were aligned with the CIM Definition Standards by Cameco. As a starting point, B is aligned to measured while the C1 category can be aligned to the measured or indicated resource category and the C2 category to the indicated or inferred resource categories. Additional criteria, on the basis of sampling density, interpretation of geological continuity and grade continuity and content of barren material between mineralized intervals, was applied by Cameco.

The classification criteria applied for alignment with the CIM Definition Standards for the mineral resources categories are as follows:

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Measured mineral resources: Drilling density equivalent to or denser than a 200 x 50 metre grid spacing (or 1 drillhole per hectare) for mineralization zones characterized by a uniform and easily correlatable morphology, from one fence line to another. The barren volume included into the resource block does not exceed 40%. Mineralization must be continuous between fences. If a resource block is defined by three fence lines, more than one mineralized drillhole must occur on each delimiting fence. The hydrogeological properties of the hosting horizon is studied by aquifer pump tests. Sampling for grain size and carbonate content of the mineralization is available from core drilling on at least 400 x 50 metre grid density. The amenability of mineralization to ISR mining is demonstrated by laboratory and field ISR leach tests or mining operation results. Mineralization is characterized by sufficient confidence in geological interpretation to support detailed wellfield planning and development with no or very little changes expected from additional drilling.

Indicated mineral resources: Drilling density is sparser than 200 x 50 metres, but denser than 400 to 600 x 50 to 100 metres for mineralization zones characterized by relatively uniform and correlatable morphology. In some areas, resource blocks may be drilled on 200 by 50 metre spacing but not meet the additional criteria for measured resources due to continuity, uniformity and confidence in geological interpretation. The hydrogeological properties of the hosting horizon is studied by aquifer pump tests. Sampling for grain size and carbonate content of the mineralization is available from core drilling on at least a 600 x 100 metre grid density. The amenability of mineralization to ISR mining is demonstrated by laboratory and field ISR leach tests or mining operation results. Mineralization is characterized by sufficient confidence in geological interpretation to support wellfield planning and development albeit with some changes expected from additional drilling.

Inferred mineral resources: Drilling grid defining mineralization is sparser than 400 to 600 x 50 to 100 metres, but denser than 800 x 100 metres. Resource blocks defined in areas drilled with denser than 400 to 600 x 50 to 100 metres but not meeting the additional criteria for higher categories for continuity, uniformity and confidence in geological interpretation. The hydrogeological properties of the hosting horizon is studied by aquifer pump tests. Sampling for grain size and carbonate content of the mineralization is available from core drilling on at least an 800 x 200 metre grid density. The amenability of mineralization to ISR mining must be demonstrated by at least laboratory leach tests. Mineralization is characterized by insufficient confidence in geological interpretation to support wellfield planning and development due to significant changes expected from additional drilling.

Figure 14-1 shows a plan view of the total mineral resources, inclusive of mineral reserves, under the CIM Definition Standards within the MA Area.

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Figure 14-1: Total Inkai Mineral Resources by CIM Categories

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A summary of the Inkai mineral resource estimates, with an effective date of September 30, 2024, is shown in Table 14-2. C. Scott Bishop, P. Eng., Sergey Ivanov, P. Geo., and Al Renaud, P. Geo., each with Cameco, are the qualified persons within the meaning of NI 43-101 for the purpose of the mineral resource estimates.

Table 14-2: Inkai Mineral Resources – as of September 30, 2024