Quarterly Report - 2014 - Q4

Summary Information

• delivered on our guidance with strong performance in a weak market environment
• another year of solid uranium segment results—record annual revenue, record average realized price, and strong production
• produced the first packaged uranium concentrate from Cigar Lake
• write-down of $126 million in the fourth quarter related to our Rabbit Lake operation, due to the deferral of various projects related to future planned production
• received a notice of proposed adjustment (NOPA) from the US Internal Revenue Agency for our 2009 tax year

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter ended December 31, 2014 in accordance with International Financial Reporting Standards (IFRS).

“The uncertainty in the uranium market has persisted for longer than expected, but 2014 was another year of strong financial and operational performance,” said president and CEO, Tim Gitzel. ”We have continued to meet and, in several areas, exceed our annual guidance.

“And when we look longer term, we continue to see exceptional growth on the horizon, as billions of dollars are being invested in reactor construction around the world—reactors that will need uranium. With our world-class, low-cost assets, we believe that when the market signals a need for more uranium, we will be well positioned to benefit from that growing demand.”