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Highlights

Cameco Corporation
Highlights
(Unaudited)

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  Three Months Ended
  Mar 31/05     Mar 31/04
  
Financial (in millions)  
  Revenue $216  $132 
  Earnings from operations 15 
  Net earnings 26  39 
  Cash provided by operations 84  46 
  Working capital (end of period) 597  468 
  Net debt to capitalization 12% 20%
   
Per common share  
  Net earnings - Basic $0.15  $0.23 
                     - Diluted 0.15  0.22 
  Dividend 0.06  0.05 
 
  Weighted average number of paid common shares outstanding (in thousands) 173,215  170,331 
   
Average uranium spot price for the period (US$/lb) $21.80  $16.54 
   
Sales volumes  
  Uranium (in thousands lbs U3O8) 4,265  4,586 
  Uranium conversion (tU) 2,445  2,813 
  Gold (troy ounces) 220,000  68,000 
  Electricity (TWh) 2.6  2.5 
   
Note: Currency amounts are expressed in Canadian dollars unless stated otherwise.