Management’s Discussion and Analysis

This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our audited consolidated financial statements (financial statements) and notes for the year ended December 31, 2015. The information is based on what we knew as of February 4, 2016.

Photo of Cigar Lake mine facility
Cigar Lake declared commercial production in 2015.

We encourage you to read our audited consolidated financial statements and notes as you review this MD&A. You can find more information about Cameco, including our financial statements and our most recent annual information form, on our website at, on SEDAR at or on EDGAR at You should also read our annual information form before making an investment decision about our securities.

The financial information in this MD&A and in our financial statements and notes are prepared according to International Financial Reporting Standards (IFRS), unless otherwise indicated.

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.

Throughout this document, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries, including NUKEM Energy GmbH (NUKEM), unless otherwise indicated.

  • Measuring Our Results icon

    Measuring Our Results

    Assessing our performance is an integral part of achieving our goals. We have a long-term commitment to constantly measure, evaluate and improve.

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  • Our Strategy icon

    Our Strategy

    We are a pure-play nuclear fuel producer, focused on taking advantage of the long-term growth we see coming in our industry.

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  • Mineral Reserves & Resources icon

    Mineral Reserves & Resources

    Our mineral reserves and resources are the foundation of our company and fundamental to our success.

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