Cameco Corporation welcomes the US Department of Energy's announcement of a conditional commitment for up to US$17.5 billion in loans through its Office of Energy Dominance Financing. The loan package is intended to finance the majority of costs for Westinghouse Electric Company to purchase long-lead time items for up to 10 AP1000 nuclear reactors in the United States.

"We are pleased to see the US government make this additional commitment to expanding nuclear power capacity using the proven AP1000 reactor technology," said Tim Gitzel, CEO of Cameco. "When combined with the May 23, 2025 Executive Orders and other US government initiatives, we believe the right incentives are being created to advance the rapid deployment of AP1000 reactors in the US. The expansion of nuclear power in the United States is expected to create significant opportunities for Westinghouse and Cameco, accelerating growth in Westinghouse's energy systems segment during the procurement and subsequent construction phase."

Westinghouse, acquired jointly by Brookfield Renewable Partners and Cameco in November 2023, must satisfy technical, legal, environmental, and financial conditions before the DOE enters into definitive financing documents and funds the loan. The partnership combines Cameco's expertise in nuclear fuel supply with Brookfield's position as one of the world's largest investors in energy generation technologies.

The DOE loan is expected to be implemented through a Westinghouse special purpose vehicle administering funding for up to five project funding vehicles jointly owned by Westinghouse and an applicable partner. Each approved partner must commit approximately $500 million in project equity, or $1 billion per project upfront, before accessing DOE loan funds. As partners reach final investment decisions, the DOE loan is anticipated to be repaid from proceeds of the long-lead item sales.

The conditional commitment remains subject to satisfying technical, legal, environmental, and financial conditions, negotiation and completion of definitive agreements, required approvals, and customary closing conditions. There can be no assurance that definitive agreements will be entered into or that the loan package will be completed on currently contemplated terms, or at all.

Cameco is separately advancing discussions on a strategic partnership with Brookfield and the US Department of Commerce established in October 2025.

Cameco is one of the world's largest providers of uranium fuel for nuclear power generation. The company's competitive position rests on controlling ownership of the world's largest high-grade uranium reserves, low-cost operations, and significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Cameco shares trade on the Toronto and New York stock exchanges, with headquarters in Saskatoon, Saskatchewan, Canada.