Welcome to the Cameco Corporation annual meeting of shareholders. It is now my pleasure to turn the meeting over to Jenny Hoffman, Corporate Secretary. Ms. Hoffman, the floor is yours.
Thank you, operator, and welcome to everyone attending today. We are pleased you have joined us for our shareholder meeting. Our head office is located in Saskatoon, Saskatchewan, which is on Treaty 6 Territory, the traditional territory of Cree peoples, and the Homeland of the Métis. I would also like to acknowledge that we have mines, industrial facilities, and offices on treaty areas in both Northern Saskatchewan and Ontario. I'm doing this to reaffirm our commitment and responsibility to building meaningful relationships and to improving our own understanding of local indigenous peoples and their cultures. Now, turning to the meeting, I will outline the agenda and various procedures and guidelines. There is time set aside following the formal business of the meeting for questions of a general nature that pertain to the business and affairs of Cameco.
Those persons attending and participating as registered shareholders or as duly appointed proxyholders are entitled to ask questions then. You're encouraged to put your questions in now, and we can address them at the appropriate time. In terms of the agenda, following her remarks, our chair, Catherine Gignac, will call the meeting to order and address various preliminary matters. All the items of business to be voted on will be moved. We will then take questions from registered shareholders and duly appointed proxyholders on all the items of business. They can be submitted by using the messaging platform available on your screen. Registered shareholders who wish to vote at the meeting and cast a ballot online should have logged into the webcast by entering their 15-digit control number on their proxy form and the password cameco2026, all in lowercase with no spaces.
Proxy holders, including beneficial owners who appointed themselves as proxyholders, should have logged on to the webcast by entering the four-character invite code provided by Computershare Investor Services Inc., and the password again, cameco2026, all in lowercase with no spaces. If you have logged on properly, the electronic ballot will be displayed. The online balloting is now open, and you are encouraged to complete your voting as soon as practical since voting will close within 30 seconds after the conclusion of the formal business of the meeting. Be sure to stay connected to the Internet at all times in order to vote. If you are a registered shareholder or a duly appointed proxyholder who logged on as a guest, you will not be able to vote at the meeting unless you exit the meeting and log back in and using your 15-digit control number and the password.
Once the formal items of business are moved, we will answer questions received through the online messaging platform relating to the items of business. The legal name of the submitting shareholder or proxyholder will be read aloud before the question is addressed. Questions that are redundant or that had inappropriate language or are otherwise unduly disruptive to the orderly conduct of the meeting will not be addressed. Questions of a general nature that pertain to the business and affairs of Cameco will be addressed in the question and answer session following the meeting. Our meeting today does not include a senior executive presentation. Cameco recently hosted its first quarter conference call with the company's senior executives on Tuesday, May 5th, 2026, where the senior executives discussed trends in the market, the execution of Cameco strategy, and took questions.
A recorded version is available on our website, cameco.com. If during the meeting we encounter any technical difficulties with the webcast, please remain logged on, and we will resume as soon as possible. Please note that this webcast may include forward-looking information that is based on a number of assumptions, and actual results could differ materially. Please refer to our management proxy circular, annual information form, and MD&A, all of which are available on SEDAR+ for more information about the factors that could cause these different results and the assumptions we have made. I now turn the meeting over to the Chair of Cameco's Board, Catherine Gignac.
Welcome, everyone, and thank you, Jenny, for outlining today's agenda, procedures, and guidelines. My fellow directors and I would like to thank all shareholders who voted in advance and for your continued support of Cameco as we move through some exciting times for our industry. Throughout 2025, positive momentum for nuclear energy continued to build among governments, industries, and the general public. Today, we are seeing increased demand for nuclear energy around the world, which is good news for Cameco. A key driver of the increased demand is the growing recognition of the critical role that nuclear power must play in achieving energy security, national security, and climate security objectives, especially as electrification and decarbonization accelerate and concerns about energy affordability and global security persist.
With more than 35 years of experience in the nuclear industry, Cameco has designed our strategy of full cycle value capture to be resilient by remaining disciplined, by building a balanced portfolio in accordance with our contracting framework, by profitably producing from our tier one assets and aligning our production decisions across the fuel cycle with our delivery commitments and customer needs, by maintaining the financial discipline required to execute on our plans as market demand evolves, and by exploring emerging opportunities within the nuclear power value chain. Cameco is recognized for the difference we can make on a global scale, helping provide something the world needs: secure, reliable, and carbon-free baseload electricity. We have built a strong reputation as a proven and dependable supplier with diversified assets that give us the flexibility to respond to market demand while staying aligned with our long-term contract portfolio and disciplined supply strategy.
In 2025, Cameco delivered strong financial performance as we continue to build our long-term contract portfolio in a market that is increasingly focused on security of supply. In the constructive demand environment that continued to improve, we executed our strategy with the same measured and deliberate approach that our stakeholders expect from us. We again demonstrated our financial discipline, repaying the remaining $200 million U.S. outstanding on our term loan and maintaining a strong balance sheet. We also increased our annual dividend to CAD $0.24 per common share a year earlier than planned. With our tier one production and supply flexibility, we ensured that we met our delivery commitments. At McArthur River and Key Lake, we navigated a year that included challenges tied to the transition to new mining areas, driving our decision to decrease production volume at the operation.
However, Cigar Lake responded and exceeded expectations, helping to offset some of the deferred production. Cameco's Fuel Services segment delivered another strong year with record UF6 production at Port Hope. Looking ahead, we will continue to be disciplined, focusing on maintaining our reputation as a reliable supplier and building flexibility across our portfolio of assets. The positive market conditions that we expect to benefit our core uranium and Fuel Services businesses are also presenting significant growth opportunities for Westinghouse, which we own in a strategic partnership with Brookfield. In 2025, Westinghouse continued to demonstrate the value of this investment, including strong underlying performance and a meaningful contribution to Cameco's overall results. We also benefited from a Westinghouse cash distribution tied to its participation in the Dukovany nuclear project in the Czech Republic.
In October 2025, we announced a major milestone, a strategic partnership between Cameco, Brookfield, Westinghouse, and the U.S. government to accelerate deployment of Westinghouse reactor technology. The partnership includes financing with an aggregate investment value of at least $80 billion and support for permitting and approvals to construct new reactors across the U.S. using Westinghouse technology. Westinghouse's AP1000 reactor, with six units operating globally and another 14 under construction, is the modern design-ready, fuel-ready, and license-ready solution. Once new reactors enter operation, the maintenance, services, and fuel supply they require throughout their 80-100 year life cycles create significant opportunities that are expected to benefit both Westinghouse and Cameco. Today, we are optimistic about the opportunities for growth that lie ahead with accelerating demand for secure, reliable, affordable, and carbon-free baseload electricity.
The positive momentum is being driven by global factors that we expect to persist for years to come. Geopolitical uncertainty, energy security, national security, and climate security concerns are highlighting the multiple benefits of nuclear energy and driving increased demand, leading to nearly 40 countries pledging to triple nuclear power capacity by 2050. We believe the fundamental support for nuclear power and nuclear fuel is more durable than ever, and we are optimistic about Cameco's role in helping meet the world's growing demand for electricity. For us at Cameco, how we do business is just as important as the business itself. Our work is rooted in strong values and a clear framework for how we behave as we work to achieve our purpose. We are guided by four key values that are at the core of everything we do: safety and environment, people, integrity, and excellence.
From the implementation of our corporate strategy to our day-to-day operations, to our approach to executive compensation, Cameco remains committed to integrating responsible and sustainable business practices into our decisions, processes, and activities. Along with our focus on maintaining a strong safety culture and prioritizing the health and safety of workers and communities where Cameco operates, we continue to reinforce Cameco's relationships with indigenous communities. We are proud to be one of Canada's largest employers of indigenous people, and we continue to work towards mutual benefit through employment, business development, education, training, and community investment. In fact, just last month, we very proudly surpassed the CAD $5 billion mark in total spend on goods and services for our Saskatchewan operations with northern indigenous-owned contractors and businesses since the time we started tracking that metric in 2004.
In 2025, another standout example of our commitment to the community was Cameco's CAD $10 million donation to the University of Saskatchewan, which will support a new undergraduate nuclear fuel cycle program, along with research and innovation in the energy and mining sector. The donation will also expand opportunities for northern and Indigenous communities through programs like the Cameco Science, Technology, Engineering, and Mathematics Pathways Initiative at the University of Saskatchewan Prince Albert Campus. We are proud of these contributions and know that supporting these activities is not only good for business but the right thing to do. The board and I maintain a high level of confidence in Tim Gitzel as Cameco's CEO, in the expertise of his senior management team, and in Cameco's employees across the organization who are critical to the company's success.
The leadership team is widely respected, conducts itself with integrity, and leads with a demonstrated commitment to safety, people, and the environment. Their expertise and commitment, together with the next generation of leaders they have developed, give us confidence that Cameco will continue to execute its strategy and advance our vision of powering a secure energy future. To conclude, I want to thank my fellow board members for their dedication over the last year. We have a strong and engaged board that brings tremendous value to the table, and the board takes its responsibilities very seriously. We also want to recognize Daniel Camus, who is not standing for re-election this year after reaching our director term limit. We thank Daniel for his strong contributions over the past 15 years, particularly in his role as chair of the Audit and Finance Committee, and we wish him all the best.
On behalf of the board, thank you again for your continued support of Cameco. We remain optimistic about the future, confident in our strategy, disciplined in our execution, and committed to doing business the right way, guided by our values as we help power a secure energy future. We will now turn to the formal part of the meeting. I am joined by Tim Gitzel, Cameco's CEO, and Jenny Hoffman, Cameco's Corporate Secretary. The purpose of the meeting is to receive the financial statements, elect the directors, appoint the auditors, and consider Cameco's approach to executive compensation. The meeting will now come to order. As chair of the board, I will act as chair of the meeting. Jenny Hoffman will act as secretary at the meeting. Representatives of Computershare Investor Services Inc. are attending and appointed as scrutineers for this meeting.
The secretary has advised that we have a quorum for the meeting. The secretary has an affidavit attesting to the mailing of the notice of meeting. I now declare this annual meeting to be regularly convened and properly constituted for the transaction of business. The first item of business on the agenda is to receive the corporation's 2025 consolidated financial statements and the auditor's report. The financial statements and the auditor's report have been distributed by mail to requesting shareholders and have otherwise been provided in accordance with notice and access requirements. They are also available on Cameco's website. They are presented to the meeting. No other action is required with respect to them. To proceed efficiently, I have asked the Corporate Secretary to move the matters which are called for in the notice of meeting.
Voting on the applicable items of business to come before today's meeting is being conducted online by a single electronic ballot. Voting online has been open since the start of the meeting and will remain open for approximately 30 seconds following the conclusion of the question and answer session on the items of business. Once voting closes, the scrutineer will tabulate the results of the vote for each matter. All items of business in the notice of meeting will now be moved. The first ballot item is the election of directors. Jenny, could you please propose the nominees for election?
I move that each of the proposed nominees, as listed in the management proxy circular accompanying the notice of meeting, be nominated as directors of the corporation to hold office until the next annual meeting of the shareholders or until their successors are elected or appointed, in accordance with the provisions of the Canada Business Corporations Act. The nominees are Tammy Cook-Searson, Catherine Gignac, Tim Gitzel, Marie Inkster, Kathryn Jackson, Don Kayne, Peter Kukielski, Dominique Minière, and Leontine van Leeuwen-Atkins.
The next item of business on the agenda is the appointment of auditors and the authorization of the directors to fix their remuneration.
I move that KPMG LLP be appointed as auditors of the corporation until the close of our next annual meeting of shareholders, and the directors be authorized to fix their remuneration.
The next item of business is the consideration and approval of the non-binding advisory resolution accepting the corporation's approach to executive compensation disclosed in the management proxy circular.
I move on an advisory basis and not to diminish the role and responsibilities of the Board of Directors for executive compensation, that the shareholders accept the approach to executive compensation disclosed in Cameco's management proxy circular delivered in advance of the 2026 annual meeting of shareholders.
We will now take questions from registered shareholders and duly appointed proxy holders pertaining to the business of the meeting. Jenny, please read any questions received related to the items of business. As a reminder, proper questions not related to the business of the meeting will be addressed in the question and answer session following the meeting.
Madam Chair, there are no comments or questions to be addressed related to the business of the meeting. Discussion of the items of business is now closed. Please complete your ballot now. There are 30 seconds remaining for you to do so, after which your ballot will be automatically submitted.
Majority of votes cast in favor of their election, each of the director nominees are elected. Due to the number of proxy votes received prior to the meeting, I can advise that the motion for the appointment of auditors and the resolution on an advisory basis that the shareholders accept the corporation's approach to executive compensation have passed. Jenny, could you please advise on the vote results?
Thank you, Catherine. The preliminary vote report shows support for the appointment of auditors of at least 93% and support for the advisory vote on executive compensation of at least 98%. The final vote report will be filed on SEDAR+ on or before May 8th, 2026.
Thank you, Jenny. As there is no further business for the meeting, I declare that the meeting is terminated. We are pleased to have this time to answer your questions of a general nature pertaining to the business and affairs of Cameco. If you have not already done so, use the messaging platform available on your screen to submit a question. Jenny, can you please review the protocol for the question and answer session?
Yes. We will read questions that are submitted and the name of the shareholders who submitted them. We will also consolidate questions of the same nature. Cameco will not address any questions or statements that are, amongst other things, related to material non-public information of the company, irrelevant to the business and affairs of the company, or out of order or not otherwise suitable for the conduct of the annual meeting. All is may be determined by the Chair in her reasonable judgment. For additional information about the conduct of this question and answer session, please see the Asking Questions section on page 13 of the management proxy circular.
Thank you, Jenny. Could you take us through any proper questions that have been received?
Madam Chair, there are no questions to be addressed.
As there are no questions, I would like to thank all of you for attending. I also would like to take this opportunity to thank all of Cameco's shareholders for your support. Your ability to engage with our board and management team is important to us. Before we sign off, I've asked Jenny Hoffman to review some of the ways that you can get in touch with us.
Thank you, Catherine Gignac. Our website, cameco.com, is an important and useful source of information. You can access our quarterly disclosures and join quarterly investor webcasts and conference calls by navigating to the Invest section of our website, where we maintain an archive of all recent investor disclosures. You can also email questions to the Corporate Secretary or to our investor relations department directly at any time. Contact information for that is available on our website. You are also welcome to mail a confidential letter to the Chair of the Board or the Chair of any Board committee. Further details on that are set out in Cameco's website and are included in our management proxy circular. This now concludes our event. Thank you for your continued support of Cameco.