Westinghouse Closes the Chapter on Export Dispute with Korean Tech Firms

Saskatoon, Saskatchewan, Canada, January 16, 2025

Cameco (TSX: CCO; NYSE: CCJ) is excited to announce and endorse the agreement achieved by Westinghouse Electric Company (Westinghouse) regarding its intellectual property conflict with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd. (jointly referred to as KEPCO and KHNP).

“This represents a favorable outcome for both entities, which we believe promotes the introduction of world-class reactor technology and associated expertise in engineering, construction services, maintenance, fuel provision, and training to the international market,” stated Tim Gitzel, Cameco’s President and Chief Executive Officer. “With over 30 nations and more than 100 organizations committing to triple nuclear capacity by 2050, the necessity for nuclear energy is clear. This agreement enhances the industry’s capacity to provide carbon-free, dependable, and dispatchable baseload electricity to support climate, energy, and national security goals.”

The execution of the settlement agreement resolving the conflict establishes a structure for further implementations that benefit Westinghouse, KEPCO, and KHNP.

Warning regarding forward-looking information

This press release contains statements and information about our forecasts for the future, which we classify as forward-looking information. Forward-looking information is grounded in our present perspectives, which may alter substantially, and actual outcomes and occurrences might differ significantly from our current expectations. Instances of forward-looking information in this press release include: our belief that resolving the dispute will aid in the introduction of technology and related expertise to the global market; our perspectives on the demand for nuclear energy; our belief that the agreement will fortify the industry’s capacity to achieve specific goals; and our anticipation that executing the agreement establishes a structure for additional mutually beneficial implementations. Significant risks that could result in different outcomes involve the possibility that the agreement may not yield the anticipated effects for the global market or bolster the industry’s ability to meet its aims, as well as the risk that further mutually advantageous implementations may not materialize. In our presentation of forward-looking information, we have made key assumptions that may turn out to be inaccurate regarding the implications of the agreement for the global market and the industry’s capability to accomplish its objectives, along with the potential for mutually beneficial further deployments. Forward-looking information is intended to assist you in grasping management’s current views of our short-term and long-term prospects and might not be suitable for other purposes. We will not necessarily refresh this information unless obligated by securities regulations.

Profile

Cameco is among the largest international suppliers of the uranium fuel essential for powering a clean-air planet. Our competitive advantage stems from our controlling share of the world’s largest high-grade reserves and low-cost operations, along with substantial investments throughout the nuclear fuel cycle, which include ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utility companies across the globe depend on Cameco to deliver international nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear energy. Our shares are traded on the Toronto and New York stock exchanges. We are headquartered in Saskatoon, Saskatchewan, Canada.

In this news release, the terms we, us, our, the Company and Cameco refer to Cameco Corporation and its subsidiaries unless otherwise specified.

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Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com

Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com