Ms. Leah Hipperson reports

TRANSACTION INCREASING CAMECO'S OWNERSHIP STAKE IN CIGAR LAKE CLOSES

Cameco Corp. has acquired Idemitsu Canada Resources Ltd.'s 7.875-per-cent participating interest in the Cigar Lake joint venture by Cameco and Orano Canada Inc. closed today.

Cameco's ownership stake in the Cigar Lake uranium mine in Northern Saskatchewan now stands at 54.547 per cent, 4.522 percentage points higher than it was prior to the transaction, while Orano's interest is 40.453 per cent, an increase of 3.353 percentage points from its previous share. TEPCO Resources Inc. retains the remaining 5-per-cent interest in the property.

For more information regarding this transaction, please see Cameco's May 10, 2022, news release announcing the acquisition.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. The company's competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on the company's nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Cameco's shares trade on the Toronto and New York stock exchanges. Its head office is in Saskatoon, Sask.