Business Overview

Cameco is a pure-play nuclear company with a proven track record and the strengths to take advantage of the world's rising demand for safe, clean and reliable energy. We are one of the world's largest uranium producers with assets on three continents. Our operations and investments span the nuclear fuel cycle from exploration to fuel manufacturing.

Cigar Lake

2015 Production

5.7m lbs

(our share)

Location

Northern Saskatchewan, Canada

Ownership

50%, operator

Overview

Cigar Lake is the world's second largest high-grade uranium deposit, with grades that are 100 times the world average. The mine started operation in 2014, and is one of our three material properties. The operation is expected to produce 9 million lbs (our share) of uranium per year once it is in full production.

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McArthur River/Key Lake

2015 Production

13.3m lbs

(our share)

Location

Northern Saskatchewan, Canada

Ownership

70%, operator

Overview

McArthur River is the world's largest, high-grade uranium mine, and Key Lake is the largest uranium mill in the world. Ore grades at the McArthur River mine are 100 times the world average, which means it can produce more than 18 million pounds per year by mining only 150 to 200 tonnes of ore per day. McArthur River is one of our three material uranium properties.

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Rabbit Lake

2015 Production

4.2m lbs

Location

Northern Saskatchewan, Canada

Ownership

100%, operator

Overview

Given the continued depressed market conditions in the near term, on April 21, 2016 we announced suspension of production at our Rabbit Lake operation and transition of the facilities into care and maintenance.

A workforce of 120 is remaining on site (down from 650) to maintain the facilities and sustain environmental monitoring and reclamation activities.

The Rabbit Lake operation, which opened in 1975, has produced more than 202 million lbs over the last three decades.

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Inkai

2015 Production

3.4m lbs

(our share)

Location

Kazakhstan

Ownership

60%

Overview

Inkai is a joint venture that gives us access to a significant uranium deposit located in Kazakhstan. There are two production areas (blocks 1 and 2) and an exploration area (block 3). The operator is Joint Venture Inkai Limited Liability Partnership, which we jointly own (60%) with Kazatomprom (40%). Inkai is one of our three material uranium properties.

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US Operations

2015 Production

1.8m lbs

Location

Smith Ranch-Highland - Wyoming, US
Crow Butte - Nebraska, US

Ownership

100%, operator

Overview

In light of continued depressed market conditions, production has been curtailed at Cameco Resources’ US ISR operations by deferring all wellfield development. Due to the nature of ISR mining and our wellfield restoration requirements, we expect production in the US to decrease over time as head grades decline.

Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations. We operate Smith Ranch and Highland as a combined operation, making it the largest uranium production facility in the US. Each has its own processing facility, but the Smith Ranch central plant currently processes all the uranium, including uranium from satellite facilities. Crow Butte began production in 1991 and was the first uranium mine in Nebraska.

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Millennium

Project under

evaluation

Location

Northern Saskatchewan, Canada

Ownership

70%, operator

Overview

Millennium is a uranium deposit that could be mined in the future. It has been delineated through geophysical survey and drilling work.

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Kintyre

Project under

evaluation

Location

Western Australia

Ownership

70%, operator

Overview

Kintyre is an advanced uranium exploration project in Western Australia that is amenable to open pit mining techniques. We acquired the project in 2008 and are the operator.

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Yeelirrie

Project under

evaluation

Location

Western Australia

Ownership

100%, operator

Overview

Yeelirrie is a near-surface calcrete-style deposit that is amenable to open pit mining techniques and is one of Australia's largest undeveloped uranium deposits. We acquired this project at the end of 2012.

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Fuel Services Division

2015 Production

9.7m kgU

Location

Blind River Refinery, Port Hope Conversion Facility, Cameco Fuel Manufacturing

Ownership

100%

Overview

Cameco's fuel services division consists of three processing segments. The world's largest refinery, located in Blind River, processes uranium concentrates into high-purity uranium trioxide (UO3), the feedstock for Cameco's conversion facility in Port Hope. The Port Hope conversion facility is one of only four commercial suppliers in the western world of uranium hexafluoride (UF6), which is exported internationally to be enriched for use in light water reactors. It is also the world's only commercial supplier of natural uranium dioxide (UO2) used in Candu reactors. Cameco Fuel Manufacturing, located in Port Hope and Cobourg, is the largest Canadian-based supplier of components for Candu reactors.

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NUKEM

2015 Sales

10.7m lbs

Location

Alzenau, Germany (Headquarters, NUKEM GmbH)

Connecticut, US (subsidiary, NUKEM Inc.)

Ownership

100%

Overview

NUKEM is one of the world’s leading traders of uranium concentrates and uranium processing services, which we acquired in 2013. NUKEM’s activities provide a source of profit and give us insight into market dynamics.

NUKEM buys and sells uranium in the form of U3O8, uranium hexafluoride (UF6) and enriched uranium product (EUP), which are the "commoditized" forms of uranium used to make fuel for commercial nuclear reactors.

NUKEM’s main customers are commercial nuclear power plants using enriched uranium fuel, typically large utilities that are either government-owned, or large-scale utilities with multi billion-dollar market capitalizations and strong credit ratings. NUKEM also trades with converters, enrichers, other traders and investors. It has uranium and uranium-related products under contract until 2022.

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Extraordinary Reserves and Resources

Mineral reserves and resources are the foundation of our company and fundamental to our success. We have interests in uranium properties around the globe.

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