Cameco Pleased with Section 232 Decision on U.S. Uranium Imports

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Cameco Pleased with Section 232 Decision on U.S. Uranium Imports

Saskatoon, Saskatchewan, Canada, July 13, 2019 . . . . . . . . . . . . .

Cameco (TSX: CCO; NYSE: CCJ) today responded to the decision by President Donald Trump

to implement no new trade restrictions on uranium imports into the United States following the

Section 232 investigation into the matter.

“We are pleased with this decision,” said Cameco President and CEO Tim Gitzel. “Uranium

supplied by Cameco or Canada for zero-carbon energy generation has never been a threat to

U.S. national security, and we worked hard to emphasize that distinction throughout this

process.”

The President also announced the establishment of a United States Nuclear Fuel Working Group

to further analyze the state of U.S. nuclear fuel production and report back within 90 days with

findings and recommendations to enhance domestic capabilities if deemed to be necessary. This

initiative may broaden the range of options that could be considered to support the U.S. uranium

industry beyond the trade-related remedies permitted under Section 232.

“Cameco will participate in the efforts of this working group in any way we can,” Gitzel said.

“As a long-term commercial producer, employer, supplier and investor in the U.S. uranium and

nuclear energy sectors, we want to see this industry succeed and grow.

“With operations on both sides of the border, Cameco also sees tremendous value in increasing

cooperation between the United States and Canada to address critical mineral issues and

strengthen security of supply on a North American, rather than strictly national, basis,” Gitzel

said. “The recent commitment by President Trump and Prime Minister Trudeau to develop a

joint action plan on critical minerals collaboration is an excellent initiative, and we see uranium

being a key component of that strategy.”

The United States is the world’s largest nuclear energy market and Cameco’s largest customer

by country, accounting for about 25% of our total sales by volume in 2018. Over the past 30

years we have supplied uranium to every owner of a U.S. nuclear power plant. In addition to

being the largest uranium producer in Canada, Cameco was the largest uranium producer in the

United States for most of the past two decades.

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The uncertainty resulting from this investigation has hung over the uranium industry for much

of the past year, compounding an already challenging global market. While some uncertainty

will remain until the efforts of the working group are complete, the President’s decision is

overall a positive outcome.

Profile

Cameco is one of the world’s largest providers of uranium fuel. Our competitive position is

based on our controlling ownership of the world’s largest high-grade reserves and low-cost

operations. Our uranium products are used to generate clean electricity in nuclear power plants

around the world. Our shares trade on the Toronto and New York stock exchanges. Our head

office is in Saskatoon, Saskatchewan.

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Investor inquiries: Rachelle Girard 306-956-6403

Media inquiries: Jeff Hryhoriw 306-385-5221