<SEC-DOCUMENT>0001193125-17-037686.txt : 20170210
<SEC-HEADER>0001193125-17-037686.hdr.sgml : 20170210
<ACCEPTANCE-DATETIME>20170210123902
ACCESSION NUMBER:		0001193125-17-037686
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170210
FILED AS OF DATE:		20170210
DATE AS OF CHANGE:		20170210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		17591408

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d342781d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Private Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of February, 2017 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Cameco
Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Commission file No.&nbsp;1-14228) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2121-11th Street West </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Saskatoon, Saskatchewan, Canada S7M 1J3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9745; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
<FONT STYLE="white-space:nowrap">Rule&nbsp;12g3-2(b):</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="5"><B><U>Exhibit Index</U></B></TD></TR>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Page No.</B></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Material Change Report dated February 10, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: February&nbsp;10, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Cameco Corporation</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">By:</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman"><I>&#147;Sean A. Quinn&#148;</I></P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top">Sean A. Quinn</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice-President, Chief Legal Officer and Corporate&nbsp;Secretary</TD></TR>
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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d342781dex1.htm
<DESCRIPTION>EX-1
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<HTML><HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MATERIAL CHANGE REPORT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>1.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Name and Address of Company</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Cameco Corporation (&#147;<B>Cameco</B>&#148;) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">2121 &#150; 11th Street West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan S7M 1J3 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>2.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Date of Material Change</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">January&nbsp;31, 2017 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>3.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>News Release</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On February&nbsp;1, 2017, Cameco disseminated through Marketwired a
news release announcing the material change described below. A copy of the news release has been filed on SEDAR and is available at www.sedar.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>4.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Summary of Material Change</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On January&nbsp;31, 2017, Tokyo Electric Power
Company Holdings, Inc. (&#147;<B>TEPCO</B>&#148;) confirmed in writing to Cameco Inc. (&#147;<B>CI</B>&#148;) that it would not accept a uranium delivery scheduled for February&nbsp;1, 2017, and would not withdraw the contract termination notice it
provided to CI on January&nbsp;24, 2017 with respect to a uranium supply contract between TEPCO and CI (the &#147;<B>USC</B>&#148;). TEPCO alleged that an event of &#147;force majeure&#148; has occurred because it has been unable to operate its
nuclear reactors for 18&nbsp;consecutive months due to the Fukushima nuclear accident in March 2011 and resulting government regulations. CI sees no&nbsp;basis for terminating the USC, considers TEPCO to be in default, and will pursue all its legal
rights and remedies against TEPCO. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Under the USC, TEPCO has already received and paid for 2.2&nbsp;million pounds of uranium since 2014.
The termination would affect approximately 9.3&nbsp;million pounds of uranium deliveries through 2028, worth approximately $1.3 billion in revenue to Cameco, including about $126&nbsp;million in each of 2017, 2018 and 2019 based on 855,000 pounds of
deliveries in each of those years. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>5.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Full Description of Material Change</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Since the Fukushima nuclear accident in
March 2011, Cameco has been working in good faith with TEPCO and other customers to help relieve the resulting challenges that they have experienced. There have been numerous discussions with TEPCO about a potential restructuring of the USC. Good
faith negotiations between CI and TEPCO resulted in a number of deferrals and repurchases of uranium and amendments to the USC. While these discussions have been ongoing, TEPCO has continued to perform its obligations under the USC. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On June&nbsp;22, 2016, TEPCO sent CI a binding delivery schedule for 2017 volumes under the USC, including the scheduled February&nbsp;1, 2017
delivery. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On January&nbsp;24, 2017, TEPCO sent CI a letter purporting to terminate the USC, alleging that
an event of &#147;force majeure&#148; has occurred because TEPCO has been unable to operate its nuclear reactors for 18 consecutive months due to the Fukushima nuclear accident and resulting government regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Given the past history of good faith discussions with TEPCO, the receipt of a binding delivery schedule for 2017 and the fact that under the
USC, TEPCO had already received and paid for 2.2&nbsp;million pounds of uranium since 2014, including a delivery in November 2016, Cameco was surprised by this letter and strongly disagreed with TEPCO&#146;s purported termination of the USC. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On January&nbsp;26, 2017, CI sent a letter to TEPCO making clear that CI did not accept TEPCO&#146;s purported termination of the USC&nbsp;and
requested confirmation regarding TEPCO&#146;s position on the receipt of the February&nbsp;1, 2017 scheduled delivery. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On January&nbsp;31,
2017, TEPCO confirmed in writing that it would not accept the February&nbsp;1, 2017 delivery and would not withdraw the contract termination notice it provided to CI on January&nbsp;24, 2017. CI sees no basis for terminating the USC, considers TEPCO
to be in default, and will pursue all its legal rights and remedies. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The termination would affect approximately 9.3&nbsp;million pounds of
uranium deliveries through 2028, worth approximately $1.3&nbsp;billion in revenue to Cameco, including about $126 million in each of 2017, 2018 and 2019 based on 855,000 pounds of deliveries in each of those years. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In 2017, Cameco&#146;s consolidated revenue, including the TEPCO volume, is expected to range between $2.1&nbsp;billion to $2.2&nbsp;billion.
More information on Cameco&#146;s 2017 outlook is provided with Cameco&#146;s annual results, which were released after markets closed on February&nbsp;9, 2017. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">CI will be moving expeditiously to enforce its rights under the USC to recover losses arising from TEPCO&#146;s actions. The USC provides for
disputes to be resolved by binding arbitration after a period of good faith negotiations. As with any commercial dispute, it will take some time for a resolution to be achieved, particularly if it proceeds all the way to arbitration. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Cameco has sufficient financial capacity to manage any loss of revenue in 2017 as a result of the dispute. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">All estimates and uranium volumes are provided on a consolidated basis for Cameco using expected contract prices and an exchange rate of $1.00
(US) for $1.30 (Cdn) and do not reflect any resale of the cancelled deliveries under the contract with TEPCO. All dollar amounts are in Canadian currency unless otherwise noted. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>6.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Reliance on subsection 7.1(2) of National Instrument 51-102</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>


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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>7.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Omitted Information</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>8.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Further Information</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Sean Quinn Senior Vice-President, Chief Legal Officer and
Corporate Secretary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Cameco Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(306)&nbsp;956-6220 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>9.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Date of Report</U> </B></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">February&nbsp;10, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Caution Regarding Forward-Looking Information and Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain information in Item&nbsp;4 and 5 of this material change report constitutes &#147;forward-looking information&#148; or &#147;forward-looking
statements&#148; within the meaning of Canadian and U.S. securities laws (which we refer to as forward-looking information), including our: estimates of revenue and uranium volumes for the remaining term of the contract and in each of 2017, 2018 and
2019 under contract; our estimate that Cameco&#146;s 2017 consolidated revenue, including the TEPCO volume, is expected to range between $2.1&nbsp;billion and $2.2 billion; and statements relating to legal rights and remedies and recovery of losses
and value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This forward-looking information is based on a number of assumptions including: that the information already available to us is sufficient to
allow us to make reasonable estimates of the revenue losses to Cameco from the termination of the uranium supply contract; that there is no resale of terminated deliveries under contract; that our 2017 revenue is as expected; that our uranium
delivery estimates to TEPCO under the contract are accurate; expected contract prices; and the assumed exchange rate noted above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This information is
subject to a number of risks, including that: our estimates of the delivery volumes and revenues losses for 2017, 2018, and 2019, as well for the remaining term of the contract, are inaccurate; actual 2017 revenue is different from our current
expectations; and Cameco may not be successful in recovering all or any losses it may suffer arising from TEPCO&#146;s actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please also refer to our
most recent annual information form and annual MD&amp;A, which include a discussion of other material risks that could cause actual results to differ significantly from our current expectations, and other assumptions that we make in presenting
forward-looking information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking information in this material change report represents our current views, and can change significantly.
It is subject to material risks and based upon assumptions. Actual results may be significantly different from what we currently expect. Cameco has provided this forward-looking information to help you understand management&#146;s current views, and
may not be appropriate for other purposes. Cameco does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as legally required. </P>
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