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Highlights

Cameco Corporation
Highlights

(Unaudited)

    Three Months Ended  
    March 31/03 March 31/02  
Financial (in millions)      
   Revenue $103  $124   
  Earnings from operations 11   
  Net earnings attributable to common shares 37   
  Cash provided by operations 56  134   
  Working capital (end of period) 446  396   
  Net debt to capitalization 19% 10%  
         
Per common share      
  Net earnings $0.66  $0.09   
  Cash provided by operations 1.00  2.42   
  Dividend 0.15  0.125   
         
  Weighted average number of paid common      
    shares outstanding (in thousands) 55,882  55,603   
         
Average uranium spot price for the period (US$/lb) $10.13  $9.79   
         
Sales volumes      
  Uranium (in thousands lbs U3O8) 3,052  4,644   
  Uranium conversion (tU) 2,128  3,191   
  Gold (troy ounces) 54,126  55,558   
         
Note: Currency amounts are expressed in Canadian dollars unless stated otherwise.