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Cameco Corp
Symbol CCO
Shares Issued 398,440,837
Close 2022-10-11 C$ 35.62
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Cameco expects Q3 uranium deliveries of 5M to 5.5M lb

2022-10-11 18:20 ET - News Release

Ms. Rachelle Girard reports

CAMECO PROVIDES PRELIMINARY THIRD QUARTER OPERATING UPDATE

Cameco Corp. today is providing preliminary operating results for its third quarter ended Sept. 30, 2022.

On Oct. 27, 2022, Cameco plans to announce its 2022 third quarter results before markets open. The company expects to announce deliveries in the uranium segment for the quarter ended Sept. 30, 2022, to be between five million and 5.5 million pounds, in line with the pattern of deliveries for the third quarter of 2022 disclosed in the company's annual MD&A (management's discussion and analysis). In the company's fuel services segment, Cameco expects to announce deliveries for the same period of between 2.1 million and 2.4 million kilograms of uranium (kgU).

Production in Cameco's uranium segment for the quarter ended Sept. 30, 2022, is expected to be two million pounds (its share) from Cigar Lake. Production in its fuel services segment is expected to be 1.5 million kgU for the same period.

The restart activities at McArthur River and Key Lake continue to progress with first production coming from the mill expected later in the fourth quarter of 2022.

Cameco's Inkai joint venture has continued to experience delays in shipping material via the Trans-Caspian route. Depending on when the company receives the shipment of its share of Inkai's 2022 production, its 2022 share of earnings from this equity-accounted investee and the timing of the receipt of its share of dividends from the joint venture may be impacted.

Interest by third parties in contracting with the company for the supply of its uranium and fuel services remains strong. Utilities continue to be focused on ensuring they have the conversion and enrichment services they require secured under long-term contracts. As a result, Cameco is seeing prices for conversion at historic highs and have been focused on agreeing to long-term supply terms with customers to meet their increased demand. Year to date, the company has added to Cameco's long-term contract portfolio more than 50 million pounds in its uranium segment and more than seven million kgU UF6 conversion in the company's fuel services segment.

Qualified persons

The technical and scientific information discussed in this document with respect to Cameco's material properties Cigar Lake and McArthur River/Key Lake was respectively approved by Lloyd Rowson, general manager, Cigar Lake, Cameco, and Greg Murdock, general manager, McArthur River/Key Lake, Cameco, who are qualified persons for the purposes of National Instrument 43-101.

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 the company's 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.

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