Disclaimer

Caution About Forward-Looking Information

Statements contained in this report include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and US securities laws. These include our statements about the future of nuclear energy and the demand for uranium. They also include other statements using other words such as plan, expect, anticipate, goal, outlook, ensure, could and will. They represent our current views as of July 26, 2016 and can change significantly.

Forward-looking information is designed to help you understand management’s current views of our near and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. Actual results and events may be significantly different from what we currently expect, because of the risks associated with our business. This information is based upon a number of material assumptions, which may prove to be incorrect, and is subject to a number of material risks, which are discussed in our current annual management discussion and analysis , including under the heading Caution about Forward-Looking Information.

In particular, we have made assumptions about the future of nuclear energy and the demand for uranium. The material risks that would cause actual results to differ include our assumptions are incorrect and the risk there are changes in the regulation or public perception of the safety of nuclear power, which adversely affect the demand for uranium and future prospects for nuclear energy.