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McARTHUR RIVER

Q2 2014 Update

Production update

Production for the quarter was 22% lower compared to the same period last year, due to an extension of the planned annual maintenance shutdown in the second quarter of 2014. Production for the first six months was 6% lower compared to 2013.

Operations update

Commissioning of the zone 4 north freezewall is underway, and production from the area is expected to begin this year.

Licensing and production capacity update

On July 16, 2014, the CNSC approved the Key Lake extension EA for increasing our tailings capacity, and increasing Key Lake's nominal annual production rate to 25 million pounds per year. With the approved EA and once the Key Lake extension project is complete, mill production can be increased to closely follow production from the McArthur River mine, which is licensed to produce 21 million pounds per year.

Labour relations

The current collective agreements with unionized employees at McArthur River and Key Lake expired on December 31, 2013. Bargaining began in November, 2013 and the parties are at the conciliation stage, with the next set of meetings scheduled for late August. Neither party will be in a legal strike/lockout position until August 30, 2014. Operations continue as usual at both sites. There is risk to production if we are unable to reach an agreement and a work stoppage occurs.

NEW PRODUCTION AREAS

NEW PRODUCTION AREAS

Production from the new zone...

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