Cameco announces 2022 results; strong market fundamentals captured in record long-term contracting of 80 million pounds uranium and 17 million kgU of conversion services; disciplined return to tier-one run rate with exposure to improving prices
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TSX: CCO website: cameco.com
NYSE: CCJ currency: Cdn (unless noted)
2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: 306-956-6200 Fax: 306-956-6201
Cameco announces 2022 results; strong market fundamentals captured in record long-term
contracting of 80 million pounds uranium and 17 million kgU of conversion services; disciplined
return to tier-one run rate with exposure to improving prices
Saskatoon, Saskatchewan, Canada, February 9, 2023 . . . . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and
year ended December 31, 2022 in accordance with International Financial Reporting Standards (IFRS).
“Demand for nuclear power, supported by growth across the near, medium and long term, is driving the best fundamentals we
have ever seen for the nuclear fuel market. The growing structural gap has led to supply uncertainty, which was amplified in
2022. As a proven, reliable, independent, commercial supplier of nuclear fuels, Cameco is positioned to benefit from these
fundamentals. Our 2022 results, and our guidance for 2023, reflect the transformative year that we have had and the
opportunity that remains ahead of us. In 2022, we were successful in contracting 80 million pounds of uranium and 17 million
kgU of conversion services, with a record number of contracts signed in a market that has strengthened and is in durable
growth mode. Our contracting also allows us to sustainably operate our assets, including tier-one assets that are expected to
generate full-cycle value for Cameco. And, in 2022, with the resumption of production at McArthur River and Key Lake, we
began the return to a tier-one run rate, which we expect will significantly improve our financial results,” said Tim Gitzel,
Cameco’s president and CEO.
“The geopolitical events that impacted 2022 accelerated security of supply concerns and coupled with the ongoing focus on
the climate crisis, created what we believe are transformative tailwinds for the nuclear power industry from both a demand and
supply perspective. In early-January, unrest in Kazakhstan raised concerns about the security of the more than 40% of global
uranium supply that originates from Kazakhstan. However, it was the Russian invasion of Ukraine in late-February that was the
most transformative event for our industry. We believe it has set in motion a geopolitical realignment in energy markets that is
highlighting the crucial role for nuclear power not just in providing clean energy, but also in providing secure and affordable
energy. And, with the global nuclear industry reliant on Russian supplies for approximately 14% of uranium concentrates, 27%
of conversion and 39% of enrichment, it is highlighting the security of supply risk associated with the growing primary supply
gap and shrinking secondary supplies, and increasing the focus on origin of supply.
“We continue to believe that Cameco remains the best way to invest in the recovery of the uranium market. With nuclear
energy clearly back in durable growth mode, Cameco is also back in durable growth mode. Growth that will be sought in the
same manner as we approach all aspects of our business; strategic, deliberate, disciplined, and with a focus on generating
full-cycle value.
“We have had success capturing the improving market fundamentals with a record number of contracts signed. Our
contracting focus has been on obtaining market-related pricing mechanisms, while also providing adequate downside
protection. We continue to be strategically patient in our discussions to maximize value in our contract portfolio and to maintain
exposure to higher prices with unencumbered future productive capacity.
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“With the improvements in the market, the new long-term contracts we have put in place and our pipeline of contracting
discussions, we are moving to the next phase of our supply discipline. Our plan will now be for McArthur River/Key Lake to
produce 18 million pounds per year (100% basis) starting in 2024 and we will continue to operate Cigar Lake at its licensed
capacity of 18 million pounds per year (100% basis) in 2024. At Inkai, production will continue to follow the 20% reduction
planned by Kazatomprom (KAP) until the end of 2023. With annual licensed capacity of 25 million pounds at McArthur
River/Key Lake, we continue to have the ability to expand production from our existing assets. If we took advantage of all of
the tier-one expansion opportunities available to us, our annual share of tier-one supply could be about 32 million pounds.
However, any decision to expand production will be dependent on further improvements in the uranium market and our ability
to secure the appropriate long-term contract homes for our unencumbered, in-ground inventory, demonstrating that we
continue to responsibly manage our supply in accordance with our customers’ needs.
“Thanks to our deliberate actions and conservative financial management we have been and continue to be resilient. The
strength of our balance sheet allowed us to take advantage of two opportunities in 2022 that we believe will add significant
long-term value for Cameco. We acquired a greater share in the Cigar Lake mine, increasing our ownership to 54.5%. We are
pleased to increase our share in the Cigar Lake operation, which is a proven, permitted and fully licensed tier-one mine in a
safe and stable jurisdiction that we operate with the tremendous participation and support of our neighbouring Indigenous
partner communities. And, we entered a strategic partnership with Brookfield Renewable Partners and its institutional partners
(Brookfield Renewable) to jointly acquire 100% of Westinghouse Electric Company (Westinghouse), a global provider of
mission-critical and specialized technologies, products and services across most phases of the nuclear power sector. The
acquisition is expected to close in the second half of 2023 and is subject to customary closing conditions and certain regulatory
approvals. Once the transaction closes, Brookfield Renewable, will beneficially own a 51% interest in Westinghouse and we
will beneficially own 49%. We believe bringing together our expertise in the nuclear industry with Brookfield Renewable’s
expertise in clean energy positions nuclear power at the heart of the clean energy transition and creates a powerful platform
for strategic growth across the nuclear sector.
“With the renewed recognition of the role nuclear power must play, we are optimistic about Cameco’s role in supporting the
transition to a net-zero carbon economy. Through our innovative decarbonization actions across efficiency, electrification,
waste to value, carbon economy, and fuel switching themes – we expect to achieve a 30% absolute reduction from our total
Scope 1 and 2 emissions level by 2030 from our 2015 baseline as our first major milestone on the journey to achieve our
ambition of being net zero. We believe our largest contribution to the transition to a net-zero carbon economy comes from the
nuclear fuels that we supply to support the generation of nuclear power – 100% carbon-free electricity.
“We have tier-one assets that are licensed, permitted, long-lived, and proven reliable, and that have expansion capacity.
These tier-one assets are backed up by idle tier-two assets and what we think is the best exploration portfolio that leverages
existing infrastructure. We also provide our customers with access to conversion, as well as fuel fabrication and reactor
components for heavy water CANDU reactors. With the pending joint acquisition of Westinghouse, we are excited about being
able to extend the base of our reach in the nuclear fuel cycle with assets that, like ours, are strategic, proven, licensed,
permitted, and located in geopolitically important jurisdictions. Assets that we expect will be able to participate in the growing
demand profile for nuclear energy from their existing footprint. And, we are exploring opportunities in the nuclear fuel cycle and
in innovative, non-traditional commercial uses of nuclear power in Canada and around the world.
“We believe we have the right strategy to achieve our vision of ‘energizing a clean-air world’ and we will do so in a manner that
reflects our values. Embedded in all our decisions is a commitment to addressing the environmental, social and governance
risks and opportunities that we believe will make our business sustainable over the long term.”
Summary of Q4 and 2022 results and developments:
Record contracting secures long-term revenues and cash flows: In our uranium segment, in 2022, we added 80 million
pounds to our portfolio of long-term uranium contracts, with a record number of contracts signed. Of the 80 million pounds,
about 58 million pounds have been finalized under contracts and the remaining 22 million pounds have been accepted with
key commercial terms, such as pricing mechanism, volume and tenor having been agreed to, but still awaiting contract
finalization. We also have a large and growing pipeline of uranium business under discussion. In addition, with strong
demand in the UF6 conversion market, we were successful in adding long-term contracts that we expect will underpin that
operation for years to come. We finalized contracts for almost 12 million kgU of UF6 conversion in 2022 and have another
almost 5 million kgU that have been accepted and are awaiting contract finalization.
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Contract acceptance with Energoatom: As announced on February 8, we have reached agreement on commercial terms
for a major supply contract to provide sufficient volumes of natural uranium hexafluoride (UF6) (consisting of uranium and
conversion services) to SE NNEGC Energoatom (Energoatom) to meet Ukraine’s full nuclear fuel needs through 2035. Key
commercial terms, such as pricing mechanism, volume and tenor, have been agreed to, but the contract is subject to
finalization, which is anticipated in the first quarter of 2023. The agreement will contain a required degree of flexibility, given
present circumstances in Ukraine. The volumes are not included in our total 2022 contracted volumes, and represent
potential total requirements of 25.7 million kgU as UF6 (the equivalent of 67.3 million pounds of uranium) that were accepted
in 2023. This brings our total contracting from the start of 2022 to over 147 million pounds of uranium (58 million pounds
finalized and 89 million pounds accepted and awaiting contract finalization) and almost 43 million kgU in conversion
services (12 million kgU finalized and almost 31 million kgU accepted and awaiting contract finalization).
2023 guidance provided, returning to tier-one run rate: Our outlook for 2023 is beginning to reflect the transition of our
cost structure back to a tier-one run rate, as we plan our production to satisfy the growing long-term commitments under our
contract portfolio. With the improvements in the market, the new long-term contracts we have put in place, and a pipeline of
contracting discussions, our plan will now be for McArthur River/Key Lake to produce 18 million pounds (100% basis)
starting in 2024 and to continue to operate Cigar Lake at its licensed capacity of 18 million pounds per year (100% basis) in
2024. At Inkai, production will continue to follow the 20% reduction planned by KAP until the end of 2023. With annual
licensed capacity of 25 million pounds (100% basis) at McArthur River/Key Lake, we continue to have the ability to expand
production from our existing assets, however some additional investment would be required. Any decision to expand
production will be dependent on further improvements in the uranium market and our ability to secure the appropriate long-
term contract homes for our unencumbered, in-ground inventory, demonstrating that we continue to responsibly manage
our supply in accordance with our customers’ needs. In addition to our plans to expand uranium production, at our Port
Hope conversion facility we are working on increasing UF6 production to 12,000 tonnes by 2024 to satisfy our book of long-
term business for conversion services and customer demand at a time when conversion prices are at historic highs. As a
result of these plans, we expect to see continued improvement in our financial performance. See Outlook for 2023 in our
2022 annual MD&A for more information.
Increased ownership at Cigar Lake: In May 2022, we announced the acquisition of a greater share in the Cigar Lake
mine for $107 million, increasing our ownership to 54.5% (from 50%). Cigar Lake is a proven, permitted and fully licensed
tier-one mine in a safe and stable jurisdiction that we operate with the tremendous participation and support of our
neighbouring Indigenous partner communities.
Proposed acquisition of Westinghouse: In October 2022, we announced we had entered into a strategic partnership with
Brookfield Renewable to jointly acquire 100% of Westinghouse, a global provider of mission-critical and specialized
technologies, products and services across most phases of the nuclear power sector. Concurrently with the execution of the
acquisition agreement, we secured commitments that provide for a $1 billion (US) bridge loan facility and $600 million (US)
in term loans. Following the announcement, we undertook a $650 million (US) bought deal offering of common shares, with
an underwriter option to purchase additional shares. The offering closed on October 17, 2022, providing us with gross
proceeds of approximately $747.6 million (US) including the underwriters’ exercise in full of the option to purchase
additional shares. The acquisition is expected to close in the second half of 2023 and is subject to customary closing
conditions and certain regulatory approvals. Once the transaction closes, Brookfield Renewable will beneficially own a 51%
interest in Westinghouse and we will beneficially own 49%. We believe bringing together our expertise in the nuclear
industry with Brookfield Renewable’s expertise in clean energy positions nuclear power at the heart of the clean energy
transition and creates a powerful platform for strategic growth across the nuclear sector. See Proposed acquisition of
Westinghouse in our 2022 annual MD&A and our October 18, 2022 material change report (available on www.sedar.com
and www.sec.gov) for more information.
Fourth quarter net loss of $15 million; adjusted net earnings of $36 million: Fourth quarter results are driven by
normal quarterly variations in contract deliveries and the continued execution of our strategy. Adjusted net earnings is a
non-IFRS measure, see page 5.
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Annual net earnings of $89 million; adjusted net earnings of $135 million: Annual results are beginning to reflect the
transition of our cost structure back to a tier-one run rate as contemplated by the continued execution of our strategy. Our
results also reflect the improvement in average realized prices as uranium prices and conversion prices continue to
increase catalyzed by geopolitical uncertainty and security of supply concerns. In our uranium segment we delivered over
25 million pounds. Production for 2022 was 10.4 million pounds in our uranium segment as Cigar Lake met its annual
production target of 18 million pounds (100% basis) and McArthur River/Key Lake restarted operations producing 1.1 million
pounds (100% basis). In our fuel services segment, we produced 13.0 million kgU, which included an annual UF6
production record. In addition, we generated $305 million in cash from operations, with higher sales volumes in our uranium
segment and higher average realized prices in both our uranium and fuel services segments compared to 2021. Adjusted
net earnings is a non-IFRS measure, see page 5.
Strong balance sheet: As of December 31, 2022, we had $2.3 billion in cash and cash equivalents and short-term
investments and $997 million in long-term debt. Net proceeds from the announced share issuance were received in October
2022 and the US dollar cash and cash equivalents and short-term investments are included on our balance sheet. The final
financing for the Westinghouse acquisition is not required until close of the acquisition and will be determined based on
market conditions and the expected run rate of our business at that time. We expect a permanent financing mix of capital
sources, including cash, debt and equity, designed to preserve our balance sheet and ratings strength, while maintaining
healthy liquidity. In addition, we have a $1 billion undrawn credit facility.
Received dividends from JV Inkai: In 2022, we received dividend payments from JV Inkai totaling $93 million (US). JV
Inkai distributes excess cash, net of working capital requirements, to the partners as dividends. See Uranium – Tier-one
operations – Inkai in our 2022 annual MD&A.
Consolidated financial results
THREE MONTHS ENDED YEAR ENDED
CONSOLIDATED HIGHLIGHTS DECEMBER 31 DECEMBER 31
($ MILLIONS EXCEPT WHERE INDICATED) 2022 2021 2022 2021
Revenue 524 465 1,868 1,475
Gross profit 65 56 233 2
Net earnings (loss) attributable to equity holders (15) 11 89 (103)
$ per common share (basic) (0.04) 0.03 0.22 (0.26)
$ per common share (diluted) (0.04) 0.03 0.22 (0.26)
Adjusted net earnings (loss) (non-IFRS, see page 5) 36 23 135 (98)
$ per common share (adjusted and diluted) 0.09 0.06 0.33 (0.25)
Cash provided by operations 77 59 305 458
The 2022 annual financial statements have been audited; however, the 2021 fourth quarter and 2022 fourth quarter financial
information presented is unaudited. You can find a copy of our 2022 annual MD&A and our 2022 audited financial statements
on our website at cameco.com.
NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see
page 5) in the three months and year ended December 31, 2022, compared to the same period in 2021.
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CHANGES IN EARNINGS THREE MONTHS ENDED YEAR ENDED
($ MILLIONS) DECEMBER 31 DECEMBER 31
IFRS ADJUSTED IFRS ADJUSTED
Net earnings (losses) - 2021 11 23 (103) (98)
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium Impact from sales volume changes 1 1 (6) (6)
Higher realized prices ($US) 29 29 328 328
Foreign exchange impact on realized prices 25 25 44 44
Higher costs (41) (41) (137) (137)
change – uranium 14 14 229 229
Fuel services Impact from sales volume changes (10) (10) (21) (21)
Higher realized prices ($Cdn) 4 4 33 33
Lower (higher) costs 1 1 (13) (13)
change – fuel services (5) (5) (1) (1)
Other changes
Lower (higher) administration expenditures 8 8 (44) (44)
Higher exploration expenditures - - (3) (3)
Change in reclamation provisions (78) - (31) 3
Change in gains or losses on derivatives 12 (12) (86) (23)
Change in foreign exchange gains or losses 6 6 74 74
Change in earnings from equity-accounted investments (19) (19) 26 26
Canadian Emergency Wage Subsidy - - (21) (21)
Bargain purchase gain on CLJV ownership interest increase - - 23 -
Higher finance income 21 21 30 30
Change in income tax recovery or expense 13 (2) 3 (30)
Other 2 2 (7) (7)
Net earnings (losses) - 2022 (15) 36 89 135
Non-IFRS measures
ADJUSTED NET EARNINGS
Adjusted net earnings (ANE) is a measure that does not have a standardized meaning or a consistent basis of calculation
under IFRS (non-IFRS financial measure). We use this measure as a more meaningful way to compare our financial
performance from period to period. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to better
reflect the underlying financial performance for the reporting period. We believe that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is
one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see
Measuring our results in our 2022 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to
report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at
the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of
the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under
IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect
the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2022 annual MD&A for
more information.
We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to
update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This
normally results in an adjustment to our asset retirement obligation in addition to the provision balance. When the assets of an
operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the
adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 16 of our annual
financial statements for more information. This amount has been excluded from our ANE measure.
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Adjusted net earnings is a non-IFRS financial measure and should not be considered in isolation or as a substitute for financial
information prepared according to accounting standards. Other companies may calculate this measure differently, so you may
not be able to make a direct comparison to similar measures presented by other companies.
The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31,
2022 and 2021.
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
($ MILLIONS) 2022 2021 2022 2021
Net earnings (loss) attributable to equity holders (15) 11 89 (103)
Adjustments
Adjustments on derivatives (19) 5 76 13
Adjustments on other operating expense (income) 88 10 26 (8)
Adjustment to other income - - (23) -
Income taxes on adjustments (18) (3) (33) -
Adjusted net earnings (loss) 36 23 135 (98)
Selected segmented highlights
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
HIGHLIGHTS 2022 2021 CHANGE 2022 2021 CHANGE
Uranium Production volume (million lbs) 3.7 2.8 32% 10.4 6.1 70%
Sales volume (million lbs) 6.9 6.5 6% 25.6 24.3 5%
Average realized price1 ($US/lb) 43.05 39.65 9% 44.73 34.53 30%
($Cdn/lb) 57.87 49.94 16% 57.85 43.34 33%
Revenue ($ millions) 397 323 23% 1,480 1,055 40%
Gross profit (loss) ($ millions) 24 10 >100% 121 (108) >100%
Fuel services Production volume (million kgU) 3.7 3.1 19% 13.0 12.1 7%
Sales volume (million kgU) 3.8 4.9 (22)% 11.1 13.6 (18)%
Average realized price 2 ($Cdn/kgU) 30.11 28.80 5% 32.92 29.72 11%
Revenue ($ millions) 115 140 (18)% 365 404 (10)%
Gross profit ($ millions) 41 46 (11)% 117 118 (1)%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium
concentrates sold.
2 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
Executive team update
Grant Isaac has been appointed executive vice-president and retains the chief financial officer (CFO) function. Isaac continues
to report to the president and CEO. Prior to this role, Isaac was senior vice-president and CFO. Heidi Shockey has been
appointed senior vice-president and deputy CFO and reports to Isaac. Prior to this, Shockey was Cameco’s vice president and
controller. Both appointments are effective February 1, 2023.
“I am pleased to recognize Grant’s continued excellent contributions to Cameco with his appointment to executive vice-
president. I am also pleased to welcome Heidi to the senior executive team, who brings extensive financial expertise to her
role as deputy CFO,” said Gitzel. “They are part of an exceptionally strong and experienced management team.”
Management's discussion and analysis (MD&A) and financial statements
The 2022 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the
three and twelve months ended December 31, 2022, as compared to the same periods last year, and our outlook for 2023.
This news release should be read in conjunction with these documents, as well as our most recent annual information form, all
of which are available on our website at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.
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Qualified persons
The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar
Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:
MCARTHUR RIVER/KEY LAKE
Greg Murdock, general manager, McArthur River,
Cameco
Daley McIntyre, general manager, Key Lake, Cameco
CIGAR LAKE
Lloyd Rowson, general manager, Cigar Lake, Cameco
INKAI
Sergey Ivanov, deputy director general, technical
services, Cameco Kazakhstan LLP
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-
looking information. Forward-looking information is based on our current views, which can change significantly, and actual
results and events may be significantly different from what we currently expect.
Examples of forward-looking information in this news release include: our views regarding supply and demand for nuclear
power and its growth across the near, medium and long term; our ability to benefit from market fundamentals and
opportunities; the durability of growth in our uranium and conversion services contracting; our ability to operate our assets
sustainably, and our expectations regarding the value they will generate for us; our expectations regarding the impact of a
return to a tier-one run rate on our financial results; our views regarding the impact on the nuclear power industry of
geopolitical events and ongoing focus on climate crisis; our belief that Cameco is the best way to invest in the recovery in the
uranium market; the durability of our growth, and our ability to pursue growth and generate full-cycle value; our contract
portfolio strategy and ability to maintain exposure to higher prices with unencumbered future productive capacity; our supply
plans, including production levels at McArthur River/Key Lake, Cigar Lake and Inkai; our ability to expand production from our
existing assets, and the production level we could achieve through our tier-one expansion opportunities; the factors we will
consider in making decisions regarding expanding production; the anticipated timing for the finalization of the SE NNEGC
Energoatom (Energoatom) supply contract and our expectation that Cameco will provide sufficient volumes of UF6 under it to
meet Ukraine’s full nuclear fuel needs through 2035; our ability to continue to be resilient; our views regarding the future value
of increasing our share in the Cigar Lake mine, and our strategic partnership with Brookfield Renewable to acquire 100% of
Westinghouse; the expected timing of the closing of the Westinghouse acquisition; our optimism regarding our role in
supporting a transition to a net-zero carbon economy, and expectations regarding our ability to achieve emissions level
reductions within our expected timeframes; our expectation that the Westinghouse acquisition will permit us to extend our
reach in the nuclear fuel cycle; our exploration of other expansion opportunities in the nuclear fuel cycle and in non-traditional
commercial uses of nuclear power; our vision of energizing a clean-air world and belief in our strategy for doing so in a manner
that reflects our values; our views regarding the long-term sustainability of our business; and the expected date for
announcement of our 2023 first quarter results.
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Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term
contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views
and objectives regarding nuclear power, electrification and decarbonization; the risk that we may not continue with our supply
discipline strategy; the risk that we may not be able to implement changes to future operating and production levels for Cigar
Lake and McArthur River/Key Lake to the planned levels within the expected timeframes, or that the costs involved in doing so,
or the costs associated with care and maintenance activities, exceed our expectations; the risk that production levels at Inkai
may not be at expected levels; the risk that our revenues and cash flows may not improve to the extent expected; risks relating
to the Energoatom supply contract, including the risk that it will not be finalized within the time or on the terms expected, our
ability to supply UF6 under the contract, and that the continuation or outcome of the conflict between the Ukraine and Russia
may prevent Cameco from realizing its expected benefits; the risk that we may not be able to meet sales commitments for any
reason; the risk that we may not be able to continue to be resilient or continue to improve our financial performance; the risks
to our business associated with potential production disruptions, including those related to global supply chain disruptions,
global economic uncertainty and political volatility; the risk that we may not be able to implement our business objectives in a
manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may
prove unsuccessful, or that we may not be able to execute it successfully; the risk that we may not be successful in pursuing
innovation or implementing advanced technologies, or realizing the expected benefits of the Westinghouse acquisition; and the
risk that we may be delayed in announcing our future financial results.
In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium
demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear
energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which
we have based our future plans and forecasts; the success of our plans and strategies, including planned operating and
production changes; assumptions regarding the Energoatom supply contract, including that we will reach agreement on final
terms within the time and on the terms expected, our ability to supply UF6 under the contract, and that we will not be prevented
from realizing the expected benefits of the contract because of the continuation or outcome of the conflict between Ukraine
and Russia; the absence of new and adverse government regulations, policies or decisions; that there will not be any
significant unanticipated adverse consequences to our business resulting from production disruptions, including those relating
to supply disruptions, and economic or political uncertainty and volatility; our ability to realize the expected benefits of the
Westinghouse acquisition; and our ability to announce future financial results when expected.
Please also review the discussion in our 2022 annual MD&A and most recent annual information form for other material risks
that could cause actual results to differ significantly from our current expectations, and other material assumptions we have
made. Forward-looking information is designed to help you understand management’s current views of our near-term 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.
Conference call
We invite you to join our fourth quarter conference call on Thursday, February 9, 2023 at 8:00 a.m. Eastern.
The call will be open to all investors and the media. To join the call, please dial (800) 319-4610 (Canada and US) or (604) 638-
5340. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at
cameco.com. See the link on our home page on the day of the call.
A recorded version of the proceedings will be available:
on our website, cameco.com, shortly after the call
on post view until midnight, Eastern, March 9, 2023, by calling (800) 319-6413 (Canada and US) or (604) 638-9010
(Passcode 9717)
2023 first quarter report release date
We plan to announce our 2023 first quarter results before markets open on April 28, 2023.