Production suspension at JV Inkai
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2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
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Production suspension at JV Inkai
Saskatoon, Saskatchewan, Canada, January 2, 2025 . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) was informed by our partner, National Atomic Company
Kazatomprom JSC (Kazatomprom), and Joint Venture Inkai LLP (JV Inkai), that as of January 1, 2025,
JV Inkai has suspended production activity.
On December 31, 2024, JV Inkai formally notified us that it had not received an extension of the timeline
to submit its updated Project for Uranium Deposit Development documentation (Project Documentation),
an extension that was expected prior to 2024 year-end. We were informed by Kazatomprom that the
extension was not received as expected due to the delayed submission of the necessary documentation to
the Ministry of Energy. As majority owner and controlling partner of the joint venture, on December 30,
2024, Kazatomprom directed JV Inkai to plan for a halt of operations as of January 1, 2025, to avoid
potential violation of Kazakhstan legislation.
Based on the information we had been receiving from JV Inkai and Kazatomprom, a process to address
the update of the Project Documentation was underway and a positive outcome was expected. Reports
received by Cameco as recently as December 26, 2024, made no mention of a production suspension
being a risk in relation to this process.
We are disappointed and surprised by this unexpected suspension and we will be seeking further
clarification on how this transpired, as well as the potential 2025 and 2026 production and financial
impacts (including on future dividends), and what Cameco can do to help Kazatomprom and JV Inkai
restart mining operations.
Kazatomprom holds a 60% interest in JV Inkai, while Cameco owns a 40% share.
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: the timeframe for
any required extension of the timeline to submit the Project Documentation or receive approval of the
Project Documentation; and whether and when mining operations can be restored.
Material risks that could lead to different results include: complexity and uncertainty in the application,
interpretation and enforcement of the laws of the Republic of Kazakhstan; expropriation or
nationalization of JV Inkai’s properties or Cameco’s interest in JV Inkai; amendments to and uncertainty
in the enforcement of government regulation in the Republic of Kazakhstan; termination of JV Inkai’s
resource use contract by governmental authorities; geopolitical risk in Kazakhstan and surrounding
countries; risk of corruption in Kazakhstan and surrounding countries; risk of sanctions and risk of
dealing with sanctioned individuals or entities; production variance from JV Inkai’s resource use contract;
procurement and supply chain issues, including with respect to the availability of sulphuric acid;
availability of drilling services and construction services in Kazakhstan; and availability of transportation.
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Please also review the discussion in the “Risk Factors” section of our current annual information form and
the “Other relevant data and information – Regulatory risks” and “Other relevant data and information –
Production and product delivery risks” sections of our technical report “Inkai Operation, Turkestan
Region, Republic of Kazakhstan” dated November 12, 2024 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.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world.
Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves
and low-cost operations, as well as significant investments across the nuclear fuel cycle, including
ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the
world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-
free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in
Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation
and its subsidiaries unless otherwise indicated.
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Investor inquiries:
Cory Kos
306-716-6782
Media inquiries:
Veronica Baker
306-385-5541