Cigar Lake Suspended Due to Mill Acid Plant Issues; Guidance Maintained

Research evidence excerpt

Cigar Lake Suspended Due to Mill Acid Plant Issues; Guidance Maintained

TD Cowen Cameco Corp.

Global Research July 1, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Metals & Minerals

Our valuation methodology may include two approaches: a relative value approach or an

intrinsic value approach. Our relative value approach relies upon utilizing a blend of P/NAV

and EV/EBITDA multiples, which we consider as the most relevant metrics. Our intrinsic value

approach utilizes discounted cash flow (DCF) methodology as well as our sum-of-the-parts NAV

analysis, which values a company based on its mineral resources and selected balance sheet

items. Mine plan, capital costs, and operating cost assumptions applied in our DCF are based

on published technical reports, our best estimates using our experience and observations from

other projects and information publicly disclosed by management.

We make investment recommendations on certain early stage, pre-revenue companies based

upon an assessment of their asset quality and upside potential, technology, probability

of market success, and the potential market opportunity, balanced by an assessment of

applicable risks. Such companies may not be assigned a price target.

Investment Risks

Technical Risk – Mining projects are all subject to a certain level of technical risks depending on

the nature of the project.

Permitting and Political Risk – Mining projects are subject to the geopolitical risks in their

respective jurisdiction. Project permitting can also be adversely affected by the jurisdiction's

political climate and social issues.

Financial & Forecast Risk – The company's future financial performance is dependent on a

number of assumptions, including metal prices, foreign exchange rates, operating costs, and