Ms. Rachelle Girard reports

CAMECO ANNOUNCES US$650 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Cameco Corp. has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and Goldman Sachs & Co. LLC, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 29,615,000 common shares of Cameco at a price of $21.95 per share, for gross proceeds to the company of approximately $650-million. The common shares will be offered to the public in Canada and the United States. The offering is expected to close on or about Oct. 17, 2022, subject to customary closing conditions, including receipt of all necessary approvals of the Toronto Stock Exchange and the New York Stock Exchange. Additionally, it has granted the underwriters an option to purchase up to an additional 4,442,250 common shares at the offering price, exercisable in whole or in part at any time up to 30 days following the closing of the offering, for potential additional gross proceeds to Cameco of approximately $97.5-million.

Cameco intends to use the aggregate proceeds from the offering, after payment of fees and expenses, to partially finance its share of the acquisition of Westinghouse Electric Company, one of the world's leading nuclear service businesses, through a strategic partnership with Brookfield Renewable Partners, together with Brookfield Renewable's institutional partners.

CIBC Capital Markets and Goldman Sachs & Co. are acting as joint bookrunners for the offering.

Cameco intends to offer and sell the common shares in the United States pursuant to its effective shelf registration statement on Form F-10 (file No. 333-267625) filed with the U.S. Securities and Exchange Commission, and in Canada pursuant to its short form base shelf prospectus, in each case, filed on Sept. 26, 2022. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC and with the securities regulatory authorities in each of the provinces and territories of Canada as part of the U.S. registration statement and the base shelf prospectus, respectively, and a final prospectus supplement will be filed in connection with the offering. The documents filed or to be filed in connection with the offering contain important detailed information about the company and the offering. Prospective investors should read these filings, and the documents incorporated by reference therein, before making an investment decision.

Copies of the base shelf prospectus and the prospectus supplements will be available free of charge on SEDAR, and copies of the U.S. registration statement and the prospectus supplements will be available free of charge on EDGAR on the SEC website. Alternatively, copies may be obtained from: CIBC Capital Markets, 161 Bay St., fifth floor, Toronto, Ont., M5J 2S8, or by telephone at 1-416-956-6378, or by e-mail at mailbox.canadianprospectus@cibc.com; or from Goldman Sachs & Co., attention: prospectus department, 200 West St., New York, N.Y., 10282, or by telephone: 1-866-471-2526, by facsimile: 212-902-9316, or by e-mailing Prospectus-ny@ny.email.gs.com or Goldman Sachs Canada Inc., TD North Tower, 77 King St. West, Suite 3400, Toronto, Ont., M5K 1B7.

About Cameco Corp.

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean air world. Its 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 its nuclear fuel products to generate safe, reliable, carbon-free nuclear power. Its shares trade on the Toronto and New York stock exchanges. Its head office is in Saskatoon, Sask.

We seek Safe Harbor.