Mineral Reserves

As at December 31, 2015 (100% basis – only the shaded column shows our share)

Proven and probable

(tonnes in thousands; pounds in millions)
    Proven Probable Total mineral reserves Our
reserves
content
(lbs U3O8)
 
Property Mining
method
Tonnes Grade
% U3O8
Content
(lbs U3O8)
Tonnes Grade
% U3O8
Content
(lbs U3O8)
Tonnes Grade
% U3O8
Content
(lbs U3O8)
Metallurgical
recovery (%)
UG – underground, OP – open pit, ISR – in situ recovery, totals may not add up due to rounding.
Note that the estimates in the above table:
  • use constant dollar average uranium prices of $57 to $59 (US)/lb U3O8
  • are based on an average exchange rate of $1.00 US=$1.15-$1.25 Cdn
McArthur River UG 1,195.3 9.62 253.5 199.8 18.84 83.0 1,395.1 10.94 336.5 234.9 98.7
Cigar Lake UG 226.1 21.93 109.3 375.7 13.55 112.3 601.8 16.70 221.6 110.9 98.5
Rabbit Lake UG 10.6 0.34 0.1 902.9 0.59 11.8 913.5 0.59 11.9 11.9 97.0
Key Lake OP 61.1 0.52 0.7 61.1 0.52 0.7 0.6 98.7
Inkai ISR 1,139.5 0.08 2.1 50,476.4 0.07 72.9 51,615.9 0.07 75.0 43.1 85.0
Smith Ranch-Highland ISR 1,127.8 0.10 2.5 1,871.0 0.09 3.8 2,998.8 0.09 6.2 6.2 80.0
North Butte-Brown Ranch ISR 644.2 0.08 1.2 373.8 0.08 0.7 1,018.0 0.08 1.8 1.8 60.0
Crow Butte ISR 412.5 0.08 0.7 412.5 0.08 0.7 0.7 85.0
Total   4,817.2 370.1 54,199.5 284.4 59,016.7 654.5 410.2

We do not expect these mineral reserve estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, marketing or other relevant issues.

Metallurgical recovery

We report mineral reserves as the quantity of contained ore supporting our mining plans, and provide an estimate of the metallurgical recovery for each uranium property. The estimate of the amount of valuable product that can be physically recovered by the metallurgical extraction process is obtained by multiplying quantity of contained metal (content) by the planned metallurgical recovery percentage. The content and our share of uranium in the table above are before accounting for estimated metallurgical recovery.