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Highlights

Cameco Corporation
Highlights
(Unaudited)

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  Three Months Ended Six Months Ended
  Jun 30/05 Jun 30/04 Jun 30/05 Jun 30/04
  
Financial (in millions)  
     Revenue $287  $242  $503  $375 
  Earnings from operations 37  40  52  48 
  Net earnings 32  151  59  191 
  Cash provided by (used in) operations (45) (17) 38  29 
  Working capital (end of period) 750  585 
  Net debt to capitalization 16% 18%
   
Per common share  
  Net earnings - Basic $0.19  $0.89  $0.34  $1.12 
                     - Diluted 0.18  0.83  0.33  1.06 
  Dividend 0.06  0.05  0.12  0.10 
   
  Weighted average number of paid common
  shares outstanding (in thousands) 173,763  170,952  173,491  170,643 
   
Average uranium spot price for the period (US$/lb) $27.67  $17.99  $24.73  $17.27 
   
Sales volumes  
  Uranium (in thousands lbs U3O8) 6,803  7,519  11,068  12,105 
  Uranium conversion (tU) 2,980  4,354  5,425  7,167 
  Gold (troy ounces) 225,000  128,000  445,000  197,000 
  Electricity (TWh) 2.3  3.0  4.9  5.5 
   
Note: Currency amounts are expressed in Canadian dollars unless stated otherwise.