Uranium – Production Overview

Production in our uranium segment in the fourth quarter was 9.6 million pounds, 17% higher compared to the same period in 2014 primarily due to the rampup of production at Cigar Lake. Production for the year was 28.4 million pounds, 22% higher than in 2014. See Uranium – operating properties for more information.

Uranium production

	Three months ended December 31		Year ended December 31
Cameco share (million lbs)	2015	2014	2015	2014	2015 Plan ¹	2016 Plan
¹ We updated our initial 2015 plan for Cigar Lake (to 5 million pounds, from between 3 and 4 million pounds) in our Q3 MD&A. ² Our 2016 plan for packaged production from Cigar Lake is subject to regulatory approval for an annual production limit increase at the McClean Lake mill. See Uranium – operating properties – Cigar Lake for more information.
McArthur River/Key Lake	3.8	4.4	13.3	13.3	13.7	14.0
Cigar Lake	2.3	0.2	5.7	0.2	4.0 – 5.0	8.0 ²
Inkai	1.1	0.7	3.4	2.9	3	3.0
Rabbit Lake	2.0	2.1	4.2	4.2	3.9	3.6
Smith Ranch-Highland	0.3	0.6	1.4	2.1	1.4	1.2
Crow Butte	0.1	0.2	0.4	0.6	0.3	0.2
Total	9.6	8.2	28.4	23.3	26.3 – 27.3	30.0 ²

Production outlook

We remain focused on taking advantage of the long-term growth we see coming in our industry, while maintaining the ability to respond to market conditions as they evolve. Our strategy is to focus on our tier-one assets and profitably produce at a pace aligned with market signals in order to increase long-term shareholder value.

We plan to:

ensure continued safe, reliable, low-cost production from our tier-one assets – McArthur River/Key Lake, Cigar Lake and Inkai
complete rampup of production at Cigar Lake
seek to expand production at McArthur River/Key Lake in conjunction with market signals
manage the rest of our sources of supply in a manner that retains the flexibility to respond to market signals and take advantage of value adding opportunities within our own portfolio and the uranium market
maintain our low-cost advantage by focusing on execution and operational excellence