Uranium Price Sensitivity

The following table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table.

It is designed to indicate how the portfolio of fully-executed, long-term contracts we had in place on March 31, 2024 would respond to various spot prices at March 31, 2024. In other words, we would realize these prices only if the contract portfolio remained the same as it was on March 31, 2024 and none of the assumptions we list below change.

We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

Expected realized uranium price sensitivity under various spot price assumptions at March 31, 2024

(rounded to the nearest $1.00)

As of March 31, 2024, we had commitments requiring delivery of an average of about 28 million pounds per year from 2024 through 2028, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average. As the market improves, we expect to continue to layer in volumes capturing greater upside using market-related pricing mechanisms.

Assumptions

Our portfolio is affected by more than just the spot price. We made the following assumptions (which are not forecasts) to create the table:

Prices

• The uranium price remains fixed at a given spot level for each annual period shown

Deliveries

• Deliveries based on commitments under finalized contracts include best estimates of the expected deliveries and flexibility under contract terms

Annual inflation

• To reflect escalation mechanisms contained in existing contracts, the long-term US inflation rate of 2% is used, for modeling purposes only