Cameco Corporation Announces Strategic Partnership with US Government for Nuclear Reactor Deployment

Cameco Corporation, along with Brookfield Asset Management, has entered into a binding term sheet with the United States Department of Commerce to establish a strategic partnership aimed at accelerating the global deployment of Westinghouse Electric Company’s nuclear reactor technologies. The agreement involves the US Government arranging financing and facilitating permits for new Westinghouse nuclear reactors to be built in the United States, with an aggregate investment value of at least US$80 billion. The partnership is expected to accelerate growth in Westinghouse’s energy systems segment and leverage the nuclear industry supply chains established during the construction of Vogtle units 3 and 4. The US Government will be granted a participation interest, entitling it to receive 20% of any cash distributions in excess of US$17.5 billion made by Westinghouse after the granting of the participation interest. The partnership is subject to regulatory approvals and other customary conditions.