Overview

Vision

Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.

Strategy

Cameco’s strategy is to build on our solid asset base in uranium and uranium conversion, and expertise in the global nuclear industry with sustainable investments to provide clean-energy solutions for growing world markets. Our measures of success are a safe, healthy and rewarding workplace, a clean environment, supportive communities wherever we operate, and outstanding financial performance.

Strength

Cameco generated $1.9 billion in cash flow over the past five years while remaining well below our net debt-to capitalization target ratio of 25%. Steady operating performance and conservative financial stewardship have positioned us to pursue growth opportunities with a solid balance sheet and excellent credit ratings.

About 445 million pounds of new uranium production are required to meet demand over the next 10 years. Given that it takes about 10 years to permit and construct new mines, the industry will be challenged to meet demand. As a result, we expect volatility in prices over the next few years leading to stabilization within a range that supports new mine development.

• One of the world’s largest uranium producers with four operating mines in Canada and the US.
• Controlling ownership of the world’s largest high-grade reserves and low-cost operations in northern Saskatchewan, Canada with ore grades up to 100 times the world average.
• New mines being developed in Canada and Central Asia.
• More than 500 million pounds of proven and probable reserves, extensive resources, and global exploration program.

• One of only three conversion suppliers in the western world.
• Own or control about 35% of western world name plate capacity to produce uranium hexafluoride (UF₆) required to produce fuel for light water reactors.
• World’s only commercial producer of natural uranium fuel for Canadian-built Candu reactors.
• One of two Canadian suppliers of finished fuel for Candu reactors.

• Generates more than 1,000MW of clean electricity through its 31.6% interest in the Bruce Power Limited Partnership which operates a nuclear generating station in southern Ontario with four Candu reactors.
• brucepower.com

• 53% of Centerra Gold Inc.
• Assets include Kumtor gold mine in Kyrgyzstan, Boroo gold mine in Mongolia, Gatsuurt project also in Mongolia, and the REN project in Nevada.
• centerragold.com