Cameco Reports Third Quarter Financial Results

Saskatoon, Saskatchewan, Canada, November 2, 2016

• Maintaining annual delivery guidance at better-than-market prices
• Optimized contract portfolio to extract value and reduce future uncertainty
• Continued taking actions to reduce costs and remain competitive

ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2016 in accordance with International Financial Reporting Standards (IFRS).

“Uranium prices are at the lowest levels we’ve seen in over a decade, and that’s making for difficult times in our market” said president and CEO, Tim Gitzel. “However, the strength of our long-term contract portfolio continues to keep our average realized price well above the weak market price.

“While we can’t control the market, we’re not idly waiting for the recovery we see coming. We’ve flexed our production levels, we’ve optimized our contract portfolio, and we’ve identified efficiencies within our business to streamline and adapt the company to the current conditions. We’ve taken significant actions and we’re continuing to make the changes necessary to remain competitive in a depressed environment. We are confident that our strategy will help us effectively manage through these low times, while positioning the company to benefit as the market improves and additional uranium is required to meet demand over the long term."

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