Ms. Rachelle Girard reports

CAMECO ANNOUNCES CLOSING OF US$747.6 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Cameco Corp. has closed its previously announced bought deal offering of 34,057,250 common shares of Cameco, including the exercise in full of the underwriters' option to purchase additional common shares, at a price of $21.95 per share, for gross proceeds to the company of approximately $747.6-million.

Cameco intend 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 services businesses, through a strategic partnership with Brookfield Renewable Partners, together with Brookfield Renewable's institutional partners.

CIBC Capital Markets and Goldman Sachs & Co. LLC acted as joint bookrunners for the offering.

Cameco offered and sold 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 (SEC) and in Canada pursuant to the company's short form base shelf prospectus, in each case, filed on Sept. 26, 2022. A 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. The documents 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 supplement are available free of charge on SEDAR, and copies of the U.S. registration statement and the prospectus supplement are 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. LLC, attention: prospectus department, 200 West St., New York, N.Y., 10282, or by telephone at 1-866-471-2526 or by facsimile at 212-902-9316, or by e-mailing Prospectus-ny@ny.email.gs.com; or Goldman Sachs Canada Inc., TD North Tower, 77 King St. W, 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. Cameco'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 safe, reliable, carbon-free nuclear power. Cameco's shares trade on the Toronto Stock Exchange and New York Stock Exchange. Cameco's head office is in Saskatoon, Sask.

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