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BUSINESS OVERVIEW

Overview

Mineral Reserves and Resources

Proven and Probable

443 million lbs

Measured and Indicated

391 million lbs

Inferred

289 million lbs

2013 Production

23.6 million lbs


McArthur River/Key Lake

Northern Saskatchewan, Canada

2013 Production

14.1 million lbs (our share)

Ownership: 70%, operator

Overview

McArthur River is the world's largest, high-grade uranium mine, and Key Lake is the largest uranium mill in the world. Ore grades at the McArthur River mine are 100 times the world average, which means it can produce more than 18 million pounds per year by mining only 150 to 200 tonnes of ore per day. McArthur River is one of our three material uranium properties.

Update

In 2013, McArthur River/Key Lake continued its record of reliable production, beating its target by 4%, and achieving a total of 20.1 million lbs (100% basis). This is the highest annual output from a uranium facility anywhere in the world. In 2014, we plan to continue working towards increasing annual production to 22 M lbs (100% basis) by 2018. Over the course of this multi-year project, we plan to: expand the freeze plant and electrical distribution systems; improve our dewatering system and expand our water treatment capacity; increase ventilation by sinking a fourth shaft at the northern end of the mine.


Rabbit Lake

Northern Saskatchewan, Canada

2013 Production

4.1 million lbs

Ownership: 100%, operator

Overview

The Rabbit Lake operation, which opened in 1975, is the longest operating uranium production facility in North America, and the second largest uranium mill in the world. It has produced over 190 million lbs over the last three decades and currently has sufficient mineral reserves to continue production through to 2018.

Update

2013 production at Rabbit Lake was 8% higher than 2012 as a result of improved efficiency of the mill operating schedule. We also continued to improve performance of the mill by replacing key pieces of infrastructure. In 2014, we plan to continue evaluating options to expand existing tailings capacity, which currently has sufficient capacity to support the milling of Eagle Point ore until about 2018.


US Operations

Smith Ranch-Highland - Wyoming, US

Crow Butte - Nebraska, US

2013 Production

2.4 million lbs

Ownership: 100%, operator

Overview

Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations. Smith Ranch-Highland is the largest uranium production facility in the US.

Update

2013 production was 0.5 million pounds higher than 2012. This was mainly due to the output at Smith Ranch-Highland, which had new mine units contributing to production, as well as the startup of the North Butte satellite. North Butte began production during the second quarter of 2013, and produced 300,000 pounds in the year.


Inkai

Kazakhstan

2013 Production

3.0 million lbs (our share)

Ownership: 60%

Overview

Inkai is a joint venture that gives us access to a significant uranium deposit located in Kazakhstan. There are two production areas (blocks 1 and 2) and an exploration area (block 3). The operator is Joint Venture Inkai Limited Liability Partnership, which we jointly own (60%) with Kazatomprom (40%). Inkai is one of our three material uranium properties.

Update

In 2013, production was slightly higher than our forecast and 15% higher than in 2012. Inkai received government approval to increase production from blocks 1 and 2 to 5.2 million pounds (100% basis). We plan to pursue further expansion at Inkai at a pace measured to market opportunities and our progress on plans for a potential uranium refinery project in Kazakhstan.


Cigar Lake

Northern Saskatchewan, Canada

Development Project

Ownership: 50%, operator

Overview

Cigar Lake is the world's second largest high-grade uranium deposit, with grades that are 100 times the world average. Currently under development, and expected to begin production this year, it is one of our three material uranium properties. We expect it will provide us with 9 million lbs (our share) of uranium per year once it is in full production.

Update

In 2013, we continued progress toward first production, including: completing construction and commissioning of all infrastructure required to begin ore production; testing of the jet boring mining system; continuing ground freezing from surface. We expect first production from the mine in the first quarter of 2014, and packaged pounds from the McClean Lake mill in the second quarter of 2014.


Millennium

Northern Saskatchewan, Canada

Project Under Evaluation

Ownership: 70%, operator

Overview

Millennium is a uranium deposit that could be mined in the future. It has been delineated through geophysical survey and drilling work.

Update

In 2013, we submitted the final environmental impact statement to regulators and completed a drill program that successfully increased the indicated resources of the deposit. In 2014, we expect to receive a decision from the regulator regarding a construction and operating licence. A positive outcome and receipt of a licence would allow us to quickly advance to a development decision on the project, once the market signals that new production is needed.


Kintyre

Western Australia

Project Under Evaluation

Ownership: 70%, operator

Overview

Kintyre is an advanced uranium exploration project in Western Australia that is amenable to open pit mining techniques. We acquired the project in 2008 and are the operator.

Update

In 2013, we completed the value engineering study and submitted an Environmental Review and Management Program. We also completed registration of the Kintyre Mining Development Indigenous Land Use Agreement with the relevant government authority. And, we carried out further exploration to test for potential satellite deposits at Kintyre and other regional exploration projects close to Kintyre. Any decision to develop the project will be dependent upon market signals.


Yeelirrie

Western Australia

Project Under Evaluation

Ownership: 100%, operator

Overview

Yeelirrie is a near-surface calcrete-style deposit that is amenable to open pit mining techniques and is one of Australia's largest undeveloped uranium deposits. We acquired this project at the end of 2012.

Update

This year, we are reporting a new resource estimate in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) based on a full document review, data validation, geological re-interpretation and modeling. We are reporting an indicated resource, which you can view here.


Caution about Forward-Looking Information

Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.