Smith Ranch-Highland & Satellite Facilities

2015 Production (Cameco’s share): 1.4m lbs U3O8

Estimated Reserves (Cameco’s share): 8.0m lbs U3O8

2016 Production Outlook (Cameco’s share): 1.2m lbs U3O8

Proportion of
2015 U production

	McArthur River mine / Key Lake mill	Cigar Lake	Inkai	Rabbit Lake	Smith Ranch-Highland and Satellite Facilities	Crow Butte
Proportion of 2015 U production	47%	20%	12%	15%	5%	1%

North America map showing location of Smith Ranch-Highland and North Butte properties

We operate Smith Ranch and Highland as a combined operation. Each has its own processing facility, but the Smith Ranch central plant currently processes all the uranium, including uranium from satellite facilities. The Highland plant is currently idle. Together, they form the largest uranium production facility in the United States.

Location	Wyoming, US
Ownership	100%
End product	Uranium concentrates
ISO certification	ISO 14001 certified
Estimated reserves	Smith Ranch-Highland: 6.2 million pounds (proven and probable), average grade U₃O₈: 0.09% North Butte-Brown Ranch: 1.8 million pounds (proven and probable), average grade U₃O₈: 0.08%
Estimated resources	Smith Ranch-Highland: 19.8 million pounds (measured and indicated), average grade U₃O₈: 0.06% 7.7 million pounds (inferred), average grade U₃O₈: 0.05% North Butte-Brown Ranch: 8.8 million pounds (measured and indicated), average grade U₃O₈: 0.07% 0.4 million pounds (inferred), average grade U₃O₈: 0.07%
Mining methods	In situ recovery (ISR)
Licensed capacity	Wellfields: 3 million pounds per year Processing plants: 5.5 million pounds per year, including Highland mill
License term	Pending renewal – see Production below
Total production: 2002 to 2015	21.8 million pounds
2015 production	1.4 million pounds
2016 production outlook	1.2 million pounds
Estimated decommissioning cost	Smith Ranch-Highland: $206 million (US) North Butte: $22 million (US)

2015 update

Production

We met our forecast for the year although, as planned, production was 33% lower than in 2014, with new mine units and the North Butte satellite contributing to production at Smith Ranch-Highland in 2015.

The regulators continue to review our licence renewal application. We are allowed to continue with all previously approved activities during the licence renewal process.

Planning for the future

Production

In 2016, we expect to produce 1.2 million pounds. The continued decrease is a result of market conditions, which led us to defer some wellfield development.

Managing our risks

We manage the risks listed here.