Companies: 11,396     total market cap: $146.443 T
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Cameco
CCJ
#787
Rank
$31.05 B
Marketcap
๐Ÿ‡จ๐Ÿ‡ฆ Canada
Country
$71.30
Share price
4.35%
Change (1 day)
-22.72%
Change (1 year)
โ›๏ธ Mining โšก Energyโ˜ข๏ธ Uranium
Categories
Cameco Corporation or Canadian Mining and Energy Corporation is a Canadian uranium producer.
  1. Cameco
  2. Annual Reports (40-F)
  3. Financial Year 2025

Cameco - 40-F annual report 2025


Text size:
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dummy:Number_employees dummy:Item
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
40-F
☐
REGISTRATION STATEMENT
PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE
ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13(a) or
15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended
December 31, 2025
Commission file number
:
1-14228
CAMECO CORPORATION
(Exact name of Registrant as specified in its charter)
CANADA
(Province or other jurisdiction of incorporation or organization)
1090
(Primary Standard Industrial Classification Code Number)
98-0113090
(I.R.S. Employer Identification)
2121 – 11
th
Street West
,
Saskatoon
,
Saskatchewan
,
Canada
,
S7M 1J3
, Telephone:
(
306
)
956-6200
(Address and telephone number of Registrant’s principal executive offices)
Cristina Giffin, Power Resources, Inc., Smith Ranch-Highland Operation
762 Ross Road
,
Douglas
,
Wyoming
, USA,
82633
Telephone: (
307
)
358-6541
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)
Securities registered pursuant to Section 12(b) of the Act:
Title of Class:
Common Shares
,
no
par value
Trading Symbol(s):
CCJ
Name of Exchange where Securities are listed:
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of
the Act:
None
Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act:
None
Information filed with this Form:
☒
Annual Information Form
☒
Audited annual financial statements
Number of outstanding shares of each of the issuer’s classes
of
capital or common stock as of the close of the period covered by
the Annual Report:
435,457,978
Common Shares outstanding as of December 31, 2025
2
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Exchange
Act during
the preceding
12 months
(or for
such shorter
period that
the Registrant
was required
to
file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
☒
Yes
☐
No
Indicate by check
mark whether the
registrant has submitted
electronically,
every Interactive Data
File required to
be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or
for such shorter period that the Registrant was required
to submit such files).
☒
Yes
☐
No
Indicate
by
check
mark
whether
the
registrant
is
an
emerging
growth
company
as
defined
in
Rule
12b-2
of
the
Exchange Act.
Emerging growth company
☐
If an emerging
growth company
that prepares
its financial
statements in
accordance with
U.S. GAAP,
indicate by
check mark
if the
registrant has
elected not
to use
the extended
transition period
for complying
with any
new or
revised financial accounting standards† provided pursuant
to Section 13(a) of the Exchange Act.
☐
Indicate by check mark
whether the registrant has filed a
report on and attestation to
its management’s assessment
of the effectiveness
of its internal
control over financial
reporting under Section
404(b) of the
Sarbanes-Oxley Act
(15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.
☒
If
securities
are
registered
pursuant
to
Section
12(b)
of
the
Exchange
Act,
indicate
by
check
mark
whether
the
financial
statements
of
the
registrant
included
in
the
filing
reflect
the
correction
of
an
error
to
previously
issued
financial statements.
☐
Indicate by check
mark whether any
of those error
corrections are restatements
that required a
recovery analysis
of incentive-based compensation received by any of the registrant’s executive officers
during the relevant recovery
period pursuant to §240.10D-1(b).
☐
FORWARD-LOOKING
STATEMENTS
Certain statements in this
Annual Report on Form
40-F and the documents
filed as exhibits hereto,
including certain
information
about
Cameco’s
business
outlook,
objectives,
strategies,
plans,
strategic
priorities
and
results
of
operations,
as well
as other
statements
which are
not
current
statements
or historical
facts,
constitute
“forward-
looking information”
within the
meaning of
applicable
Canadian securities
laws and
“forward-looking
statements”
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
Forward-looking
information
and
statements
involve
risks,
uncertainties
and
other
factors
that
could
cause
actual
results
to
differ
materially
from
those
expressed
or
implied
by
them.
Sentences
and
phrases
containing
words
such
as
“anticipate”,
“believe”,
“estimate”,
“expect”,
“forecast”,
“goal”,
“intend”,
“outlook”,
“plan”,
“potential”,
“predict”,
“project”,
“proposed”,
“scheduled”,
“strategy”,
“target”
and
“will,”
and
the
negative
of
any
of
these
words,
or
variations
of
them,
or
comparable terminology that does not relate strictly
to current or historical facts, are
all indicative of forward-looking
information or statements.
3
The forward-looking information and statements included
in this Annual Report on Form 40-F (including the
exhibits hereto) represent our views as of the date of
such documents and should not be relied upon as
representing our views as of any subsequent date. While
we anticipate that subsequent events and developments
may cause our views to change, we specifically disclaim
any intention or obligation to update forward-looking
information and statements, whether as a result of new information,
future events or otherwise, except to the
extent required by applicable securities laws. Forward-looking
information and statements contained in this
Annual Report on Form 40-F about prospective results
of operations, financial position or cash flows that are
based upon assumptions about future economic conditions
and courses of action are presented for the purpose
of assisting our security holders in understanding management’s
current views regarding those future outcomes,
and may not be appropriate for other purposes.
See Cameco’s Annual Information Form for the year
ended December 31, 2025, attached as Exhibit 99.1 to
this
Annual Report on Form 40-F,
under the heading “Caution about forward-looking
information”, and Cameco’s
management’s discussion and analysis for the year
ended December 31, 2025, attached as Exhibit 99.3 to
this
Annual Report on Form 40-F,
under the heading “Caution about forward-looking
information”, for additional
information regarding forward-looking statements.
Certifications and Disclosure Regarding Controls and
Procedures
.
(a)
Certifications regarding controls and procedures
.
See Exhibits 99.6 and 99.7.
(b)
Evaluation of
disclosure controls
and procedures
. As
of December
31, 2025,
an evaluation
of the
effectiveness of Cameco Corporation’s “disclosure controls and procedures” (as such term is defined in
Rules 13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) was carried out
by Cameco Corporation’s
Chief
Executive Officer (“CEO”)
and Chief
Financial Officer (“CFO”). Based on that
evaluation, the CEO and CFO have concluded
that as of such
date Cameco Corporation’s
disclosure controls and procedures
were effective to
provide a reasonable
level of
assurance that
information
required
to be
disclosed
by Cameco
Corporation
in reports
that it
files or
submits under
the Exchange
Act is
recorded, processed,
summarized and
reported within
the
time periods specified in United States Securities and
Exchange Commission (the “Commission”) rules
and forms.
(c)
Management’s
annual
report
on
internal
control
over
financial
reporting
.
Management
of
the
Company,
including
the
CEO
and
CFO,
is
responsible
for
establishing
and
maintaining
adequate
“internal control over financial reporting”, as that term is
defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act, for Cameco Corporation. Management conducted an evaluation of the effectiveness
of internal control
over financial reporting
based on criteria
established in Internal
Control – Integrated
Framework (2013) issued by
the Committee of
Sponsoring Organizations of the
Treadway Commission.
Based
on
that
evaluation,
management
concluded
that
Cameco
Corporation’s
internal
control
over
financial reporting was effective as of December 31,
2025.
It should be noted that
while the CEO and
CFO believe that Cameco
Corporation’s disclosure controls
and procedures and
internal control over
financial reporting provide a
reasonable level of
assurance that
they are effective,
they do
not expect such
disclosure controls
and procedures
or internal control
over
financial reporting
to be
capable of
preventing
or detecting
all errors
and fraud.
A control
system, no
matter how well
conceived or operated,
can provide only
reasonable, not absolute,
assurance that the
objectives of the control system are met.
(d)
Attestation
report
of
the
registered
public
accounting
firm
.
The
effectiveness
of
Cameco
Corporation’s internal control
over financial reporting as
of December 31, 2025,
was audited by KPMG
LLP,
an independent
registered public
accounting firm,
as stated
in its report,
which accompanies
the
Cameco 2025
Consolidated Audited
Financial Statements
that are
filed as
Exhibit 99.2
to this
Annual
Report on Form 40-F.
4
(e)
Changes
in
internal
control
over
financial
reporting
.
During
the
fiscal
year
ended
December
31,
2025, there was no significant change in Cameco
Corporation’s internal control over
financial reporting
that materially affected, or
is reasonably likely to
materially affect, Cameco Corporation’s internal
control
over financial reporting. In April 2024, Cameco Corporation implemented SAP S/4 HANA, an enterprise
resource planning
system, across
the entire
organization. As
a result
of this
implementation, Cameco
Corporation modified
certain existing
internal controls
and implemented
new controls and
procedures.
The implementation process
included extensive involvement by
key end users and
required significant
pre-implementation
planning,
design,
and
testing.
Cameco
Corporation
continues
to
evaluate
and
monitor its internal controls and make changes as
required and believes it is taking the
necessary steps
to maintain appropriate internal controls over financial reporting
during this period of change.
Audit & Finance
Committee Financial
Expert
.
Cameco Corporation’s
board of
directors has determined
that at
least three
members of
its audit
and finance
committee (the
“audit committee”) are
audit committee
financial experts.
The
audit
committee
financial
experts
are
Daniel
Camus,
Marie
Inkster
and
Leontine
van
Leeuwen-Atkins.
Mr.
Camus, Ms. Inkster
and Ms. van
Leeuwen-Atkins have
each been determined
by Cameco Corporation’s
board of
directors
to
be
an
independent
director
as
such
term
is
defined
under
the
Canadian
Securities
Administrators’
National
Instrument
52-110
(Audit
Committees)
(“NI
52-110”),
the
Commission’s
audit
committee
independence
requirements, and
the rules
of the
New York
Stock Exchange
(the “NYSE”)
relating to
the independence
of audit
committee members.
Information concerning the relevant experience of Mr. Camus, Ms. Inkster and Ms. van Leeuwen-Atkins is included
in their biographical information contained in Cameco Corporation’s Annual Information Form that is
filed as Exhibit
99.1 to
this Annual
Report on
Form 40-F.
The Commission
has indicated
that the
designation of
a person
as an
audit
committee
financial
expert
does
not
make
such
person
an
“expert”
for
any
purpose,
impose
any
duties,
obligations or liability on such person that are
greater than those imposed on members of
the audit committee and
board of directors who do not carry this designation, or affect the
duties, obligations or liability of any other member
of the audit committee or the board of directors.
Code of
Ethics
.
Cameco Corporation’s code
of conduct and
ethics (the
“Code”) is applicable
to all
directors, officers
and
employees
of
Cameco
Corporation,
including
the
Company’s
principal
executive
officer,
principal
financial
officer and principal
accounting officer. The Code, as
well as
Cameco Corporation’s corporate governance
practices
and mandates
of the
board of
directors
and
its committees,
and position
descriptions
for the
CEO and
the non-
executive chair, can be found on Cameco Corporation’s website at www.cameco.com under “About – Governance”
and are
also available
in print
to any
shareholder
upon request.
Since the
adoption of
the Code,
there have
not
been
any
waivers,
including
implicit
waivers,
from
any
provision
of
the
Code.
In
2025,
Cameco
Corporation
amended its previously
filed Code and
made non substantive
changes, including updates
to the document
format
as well as
updating the internal review
process. The information on
the Company’s website is
not part of
this Annual
Report on Form 40-F.
The Code was furnished to
the Commission on January
23, 2026, as Exhibit 99.14
to a report on Form
6-K and is
incorporated by reference herein as Exhibit 99.17.
Principal Accountant
Fees and
Services
.
Cameco Corporation’s
independent registered
public accounting
firm
is
KPMG LLP
,
Saskatoon, Saskatchewan, Canada
, Auditor Firm ID:
85
. See Exhibit 99.4.
Off-Balance
Sheet Arrangements
.
In the
normal course
of operations,
Cameco Corporation
enters into
certain
transactions that
are not
required to
be recorded
on its
balance sheet.
These activities include
the issuing
of financial
assurances and
long-term product
purchase contracts.
These activities
are disclosed
in the
following sections
of
Exhibit 99.3
– 2025
Management’s
Discussion
and Analysis
and
the notes
to the
financial
statements
in Exhibit
99.2 – 2025 Consolidated Audited Financial Statements:
(a)
Financial assurances
. In the 2025 Management’s Discussion and Analysis, see the disclosure at “Off-
balance sheet
arrangements” (page
55). In
the 2025
Consolidated Audited
Financial Statements,
see
the disclosure at notes 15 and 24 of the financial statements.
5
(b)
Long-term product purchase contracts
. In the 2025 Management’s Discussion and
Analysis, see the
disclosure at “Off-balance sheet arrangements” (page
55).
(c)
Other arrangements
. In the 2025
Management’s Discussion
and Analysis, see
the disclosure at
“Off-
balance sheet
arrangements” (page
55). In
the 2025
Consolidated Audited
Financial Statements,
see
the disclosure at notes 13 and 14
of the financial statements.
Tabular
Disclosure
of
Contractual
Obligations
.
In
the
2025
Management’s
Discussion
and
Analysis,
see
the
disclosures at “Financing Activities” (page 54) and “Off
-balance sheet arrangements” (pages 55 and 56).
Identification
of
the
Audit
Committee.
Cameco
Corporation
has
a
separately-designated
standing
audit
committee established
in accordance
with Section
3(a)(58)(A)
of the
Exchange Act.
Cameco Corporation’s
audit
committee
is
comprised
of:
Daniel
Camus
(chair),
Catherine
Gignac,
Marie
Inkster
and
Leontine
van
Leeuwen-
Atkins.
Audited Annual Financial Statements
.
The report of the independent registered public accounting firm
relating to
Cameco Corporation’s Consolidated Audited
Financial Statements as of December
31, 2025 and 2024 is included
in Exhibit 99.2 – 2025 Consolidated Audited Financial
Statements.
Mine Safety Disclosure
.
Neither Cameco Corporation
nor any of
its subsidiaries
is the “operator”
of any “coal
or
other mine”, as those terms
are defined in section 3 of
the Federal Mine Safety and Health
Act of 1977 (30 U.S.C.
802),
that
is
subject
to
the
provisions
of
such
Act
(30
U.S.C.
801
et
seq.).
Therefore,
the
provisions
of
Section
1503(a) of the Dodd-Frank Wall
Street Reform and Consumer
Protection Act and Item 16 of
General Instruction B
to Form
40-F requiring
disclosure concerning
mine safety
violations and
other regulatory
matters do
not apply
to
Cameco Corporation or any of its subsidiaries or U.S.
mines.
Disclosure Regarding Foreign Jurisdictions That Prevent
Inspections.
Not Applicable
.
Disclosure Pursuant to the Requirements of the New
York Stock Exchange
.
(a)
Corporate
governance
practices
.
Disclosure
of
the
significant
ways
in
which
Cameco
Corporation’s
corporate
governance
practices
differ
from
those
required
for
U.S.
companies
under
the
NYSE
listing
standards
can
be
found
on
Cameco
Corporation’s
website
at
www.cameco.com
under
“About
–
Governance.”
(b)
Presiding director at meetings of
non-management directors
. Cameco Corporation schedules regular
director sessions
in which
Cameco Corporation’s
“non-management
directors” (as
that term
is defined
in
the rules
of the
NYSE) meet
without management
participation. Ms.
Catherine Gignac,
as non-executive
chair of Cameco
Corporation, serves
as the presiding
director (the “Presiding
Director”) at such
sessions.
Each of
Cameco
Corporation’s
non-management
directors
is “independent”
as such
term
is used
in the
rules of the NYSE, with the exception of Tammy
Cook-Searson. Cameco Corporation’s
criteria for director
independence
are
available
on
Cameco
Corporation’s
website
at
www.cameco.com
under
“About
–
Governance.”
(c)
Communication with non-management directors
. Shareholders may send communications
to Cameco
Corporation’s Presiding Director
or non-management directors
by mailing (by regular
mail or other means
of delivery) to
the corporate
head office
at 2121 –
11th
Street West,
Saskatoon, Saskatchewan,
Canada,
S7M 1J3, in a sealed envelope
marked “Private and Strictly
Confidential – Attention: Chair of
the Board of
Directors of Cameco Corporation”. Any such envelope will be delivered unopened to
the Presiding Director
for appropriate
action. The
status of
all outstanding
concerns addressed
to the
Presiding Director
will be
reported to the board of directors as appropriate.
6
(d)
Corporate governance guidelines
. According to Section 303A.09 of the
NYSE Listed Company Manual,
a listed
company must adopt
and disclose
a set
of corporate governance
guidelines with
respect to
specified
topics. Such
guidelines and
the charters
of the
listed company’s
most important
committees of
the board
of
directors
are
required
to
be
posted
on
the
listed
company’s
website
and
be
available
in
print
to
any
shareholder upon request. Cameco
Corporation operates under corporate
governance guidelines that are
consistent
with
the
requirements
of
Section
303A.09
of
the
NYSE
Listed
Company
Manual.
Cameco
Corporation’s
corporate
governance guidelines
and the
charters of
its most
important committees
of the
board
of
directors
can
be
found
at
Cameco
Corporation’s
website
at
www.cameco.com
under
“About
–
Governance” and are available in print to any shareholder who
requests them.
(e)
Independent
directors
.
The
names
of
Cameco
Corporation’s
non-management
directors
are:
Daniel
Camus,
Tammy
Cook-Searson,
Catherine
Gignac,
Marie
Inkster,
Kathryn
Jackson,
Don
Kayne,
Peter
Kukielski, Dominique Minière and Leontine van Leeuwen-Atkins. Each of the non-management directors is
“independent”, as such term is used in the rules of the NYSE, with the
exception of Tammy Cook-Searson
.
7
EXHIBIT INDEX
Exhibit No.
Description
99.1
99.2
99.3
99.4
99.5
99.6
99.7
99.8
99.9
99.10
99.11
99.12
99.13
99.14
99.15
99.16
99.17
99.18
101
Interactive Data File (formatted as Inline XBRL)
104
Cover Page Interactive Data File (formatted as Inline
XBRL and contained in Exhibit 101)
8
UNDERTAKING AND
CONSENT TO SERVICE OF PROCESS
Undertaking
Registrant undertakes to
make available, in
person or by
telephone, representatives
to respond to
inquiries made
by the
Commission staff,
and to
furnish promptly,
when requested
to do
so by
the Commission
staff,
information
relating to: the
securities registered
pursuant to
Form 40-F; the
securities in
relation to
which the obligation
to file
an Annual Report on Form 40-F arises; or transactions
in said securities.
Consent to Service of Process
Registrant has previously
filed a
Form F-X in
connection with the
class of
securities in relation
to which
the obligation
to file this Annual Report on Form 40-F arises.
Any
change
to
the
name
or
address
of
the
agent
for
service
of
process
of
Registrant
shall
be
communicated
promptly
to
the
Commission
by
an
amendment
to
the
Form
F-X
referencing
the
file
number
of
the
relevant
registration statement.
SIGNATURES
Pursuant to the requirements of the Exchange Act, Registrant certifies that it meets all of the requirements for filing
on Form 40-F and
has duly caused this
Annual Report to be
signed on its behalf
by the undersigned, thereto
duly
authorized.
DATED this 19
th
day of March,
2026.
CAMECO CORPORATION
By:
/s/ Heidi Shockey
Name: Heidi Shockey
Title:
Senior Vice-President and
Chief Financial Officer

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