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Highlights

Cameco Corporation
Highlights

(Unaudited)

    Three Months Ended Six Months Ended  
    June 30/03 June 30/02 June 30/03 June 30/02  
Financial (in millions)          
   Revenue $220 $195 $323  $319   
  Earnings from operations 13 26 22  37   
  Net earnings attributable to common shares 104 12 141  17   
  Cash provided by operations 35 80 90  214   
  Working capital (end of period)     423  429   
  Net debt to capitalization     19% 7%  
             
Per common share          
  Net earnings $1.87 $0.22 $2.53  $0.31   
  Dividend 0.15 0.125 0.30  0.25   
             
  Weighted average number of paid common          
    shares outstanding (in thousands) 55,980 55,818 55,931  55,711   
             
Average uranium spot price for the period (US$/lb) $10.89 $9.88 $10.51  $9.83   
             
Sales volumes          
  Uranium (in thousands lbs U3O8) 9,886 8,198 12,938  12,842   
  Uranium conversion (tU) 4,716 3,805 6,844  6,996   
  Gold (troy ounces) 40,969 48,238 95,095  103,796   
             
Note: Currency amounts are expressed in Canadian dollars unless stated otherwise.