卡梅科 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 40-F ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGEACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 – 11thStreet 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 Operation762 Ross Road, Douglas, Wyoming, USA, 82633Telephone: (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 Number of outstanding shares of each of the issuer’s classes ofcapital 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 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor 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 theExchange Act. Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate bycheck mark if the registrant has elected not to use the extended transition period for complying with any new orrevised 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 assessmentof 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 thefinancial statements of the registrant included in the filing reflect the correction of an error to previously issuedfinancial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysisof incentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod 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 certaininformation about Cameco’s business outlook, objectives, strategies, plans, strategic priorities and results ofoperations, 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 andstatements involve risks, uncertainties and other factors that could cause actual results to differ materially fromthose 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, orcomparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-lookinginformation or statements. The forward-looking information and statements included in this Annual Report on Form 40-F (including theexhibits hereto) represent our views as of the date of such documents and should not be relied upon asrepresenting our views as of any subsequent date. While we anticipate that subsequent events and developmentsmay cause our views to change, we specifically disclaim any intention or obligation to update forward-lookinginforma