Quarterly Report - 2015 - Q3

Summary Information

• Higher consolidated revenue and gross profit for the first nine months
• Lower uranium segment gross profit for the quarter and first nine months
• Annual uranium sales outlook confirmed
• Strong performance at Cigar Lake, increased annual production target range

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2015 in accordance with International Financial Reporting Standards (IFRS).

“Our results for the quarter and the first nine months are as expected” said Tim Gitzel, president and CEO, “with a higher proportion of our deliveries scheduled for the fourth quarter.

“We’ve continued to see the oversupply in the market impacting demand and price, and while we can’t control the pace of industry recovery, we can ensure that our company is ready at each step along the way. Our positive long-term view has not changed, so today that means preparing for the demand-driven market we see coming, by keeping our costs down and operating our mines safely and efficiently. Those mines continue to return excellent results, particularly Cigar Lake, which has already exceeded our 2015 production target range. The Cigar Lake operation, along with our other world-class assets, are at the core of our strategy to enhance our operating leverage and maintain the flexibility needed to respond quickly as the market improves.”