Annual Report - 2005

Producing affordable, clean energy while achieving a sustainable balance between increasing electricity demand and environmental stewardship – this is the promise and potential of a future powered by nuclear energy. It's why a new generation is opting for nuclear as a reliable and secure energy choice.

Cameco is poised and ready to support the new generation. We are a company with the expertise and capacity to deliver the benefits of nuclear energy – starting right now. As the world's largest uranium producer, Cameco already provides about 20% of global uranium production from the richest mines on the planet. We are also expanding our production by developing two new mines. The company is looking to the long-term nuclear future, seeking new reserves through a global exploration program with emphasis in North America and Australia. In nuclear fuel production, Cameco has 38% of the western world's UF6 conversion capacity, and provides conversion services and fuel fabrication for Candu reactors. Power production rounds out Cameco's nuclear focus, with 1,000 MW of nuclear power in Ontario.

A new generation, attentive to the wisdom of scientists, environmentalists and consumers, understands the future is nuclear. Cameco knows nuclear and is ready for that future.

The choice being made by a new generation makes Cameco the nuclear investment of choice.