Quarterly Report - 2015 - Q4

Summary Information

• Delivered on annual guidance amid weak market conditions
• Solid uranium segment results, record annual revenue and average realized price owing to a weaker Canadian dollar
• Record annual uranium production on the back of strong results at Cigar Lake
• Write-down of $210 million in the fourth quarter related to our Rabbit Lake operation

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2015 in accordance with International Financial Reporting Standards (IFRS).

“In 2015, the company continued to perform well, in the context of the global challenges our industry faces,” said president and CEO, Tim Gitzel. “But despite the challenges, we continued to concentrate on the aspects of our business that are within our control, which has led us to once again deliver on, and in some cases exceed, our annual guidance.

“We are still waiting on a market recovery that was expected to come sooner, but we’ve learned to put those expectations aside and prepare for whatever comes our way. Looking ahead, our strategy is to continue focusing our capital on tier-one assets, because it’s those world-class, low-cost mines that will position us to quickly respond when the market calls for more production. And we believe that the question is not ‘if’ the market will make that call, but ‘when’, as we continue to see a bright long-term outlook for the nuclear industry.”