<SEC-DOCUMENT>0001193125-20-102320.txt : 20200409
<SEC-HEADER>0001193125-20-102320.hdr.sgml : 20200409
<ACCEPTANCE-DATETIME>20200409124602
ACCESSION NUMBER:		0001193125-20-102320
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200408
FILED AS OF DATE:		20200409
DATE AS OF CHANGE:		20200409

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:		20783747

	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>d900721d6k.htm
<DESCRIPTION>6-K
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<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <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:4pt; 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 <FONT
STYLE="white-space:nowrap">6-K</FONT> </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: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 <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </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 April, 2020 </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 <FONT STYLE="white-space:nowrap">No.&nbsp;1-14228)</FONT> </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: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:12pt; 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 <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9746;</FONT> </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 <FONT STYLE="white-space:nowrap">12g3-2(b)</FONT> 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;&#9746; </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:8pt;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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit Index </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="85%"></TD>

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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated April&nbsp;8, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3&nbsp;&#150;&nbsp;6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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: April&nbsp;9, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Cameco Corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>&#147;Sean A. Quinn&#148;</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sean A. Quinn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<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 Secretary</TD></TR>
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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d900721dex1.htm
<DESCRIPTION>EX-1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>TSX:&nbsp;</B>CCO<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>NYSE:&nbsp;</B>CCJ<B></B></P></TD>
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<IMG SRC="g900721g25d51.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>website:&nbsp;</B>cameco.com<B> </B><B></B></FONT><BR>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman"><B>currency:&nbsp;</B>Cdn&nbsp;(unless&nbsp;noted)<B></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">2121 &#150; 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Tel: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">306-956-6200</FONT></FONT> Fax: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">306-956-6201</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Cameco Announces Temporary Operational Changes in Ontario </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan, Canada, April&nbsp;8,
2020&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;
&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameco </B>(TSX: CCO; NYSE: CCJ) announced
today that it is implementing a number of temporary operational changes at its fuel services division facilities in Ontario. The changes are due to the increasing challenge of maintaining an adequate workforce as a result of screening protocols and
other measures put in place to align with the directives and guidance of government and public health authorities for the Coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> health crisis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant at the Port Hope Conversion Facility (conversion facility) will be placed in a temporary
safe shutdown state for approximately four weeks and, where possible, maintenance work scheduled for the summer will be advanced. Work to place the plant in safe shutdown mode will occur over the coming days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant is currently operating safely. However, the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> related screening protocols and other measures Cameco has put in place to align with the directives and guidance of government and public health authorities have created significant difficulty in
achieving the workforce levels required for the continued operation of the facility and concerns about the ability to maintain the required workforce levels going forward. The UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant is a
complex operation, designed to run as a continuous process without interruptions in production. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the majority of the UO<SUB
STYLE="font-size:85%; vertical-align:bottom">3</SUB> produced at the Blind River Refinery (refinery) is used to produce UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> at the conversion facility, the refinery&#146;s production will also
be temporarily suspended and, where possible, summer maintenance work brought forward. The refinery will operate for about a week to produce sufficient UO<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB> for ongoing UO<SUB
STYLE="font-size:85%; vertical-align:bottom">2</SUB> production at the conversion facility. Then, the refinery will be placed in a safe state of care and maintenance for approximately four weeks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While production at the refinery is temporarily suspended, the operation will remain open to receive uranium concentrate deliveries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;While our fuel services facilities have been able to operate safely, it has become increasingly challenging to maintain a sufficient roster of qualified
operators for the UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant,&#148; said Cameco president and CEO Tim Gitzel. &#147;The UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant is designed for continuous operation,
and we need to prevent unplanned interruptions arising from personnel shortages. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Therefore, after weighing many factors, including the state of the pandemic, we made a measured
decision to suspend production in a careful, planned manner at the UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant and the UO<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB> refinery which feeds it. We will watch closely
how the situation evolves over the next four weeks before making further decisions.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The conversion facility will continue to operate with its
reduced workforce, currently reduced by about 65 employees, and the refinery will experience a reduction of approximately 60 employees. The facilities will continue to comply with all regulatory requirements while production is suspended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB> production at the conversion facility, as well as fuel pellet and fuel bundle production at Cameco
Fuel Manufacturing Inc. (CFM) will continue. The UO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB> and CFM facilities are important links in the supply chain for Canada&#146;s nuclear energy sector, and these plants are designed and
operated to shut down and start up every week. Although they may experience workforce fluctuations as a result of the ongoing circumstances, they are better able to adapt quickly to changes in staffing levels and more frequent starts and stops in
production if required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite the operational changes necessitated by the uncertainty <FONT STYLE="white-space:nowrap">COVID-19</FONT> has caused,
Cameco&#146;s fuel services facilities continue to operate safely. We continue to work closely with health authorities and have instituted a number of measures to protect our employees at these facilities and their families. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Cameco will continue to work with all of our customers to help meet their delivery needs and enable them to continue to provide the safe, clean,
reliable nuclear power their governments and communities rely on to run hospitals, care homes, grocery stores and essential services during this time of extraordinary uncertainty,&#148; Gitzel said. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The unplanned events announced in this news release and on March&nbsp;23, 2020 and April&nbsp;7, 2020, may lead to variability in the 2020 outlook we provided
in our Annual MD&amp;A, however, it is too soon to quantify what that impact might be. We will continue to assess the rapidly evolving situation, and we will provide an update when we can better understand what the implications for this year&#146;s
outlook might be. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Profile </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco is one of the
largest global providers of the uranium fuel needed to energize a <FONT STYLE="white-space:nowrap">clean-air</FONT> world. Our competitive position is based on our controlling ownership of the world&#146;s largest high-grade reserves and <FONT
STYLE="white-space:nowrap">low-cost</FONT> operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our
head office is in Saskatoon, Saskatchewan. </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">This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking
information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Examples of forward-looking information in this news release include our intention to place the UF<SUB
STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant at the Port Hope conversion facility in a shutdown state for a period of approximately four weeks; the corresponding planned suspension of production of UO<SUB
STYLE="font-size:85%; vertical-align:bottom">3</SUB> at the Blind River refinery in approximately one week, while the refinery remains open to receive uranium concentrate deliveries; our intention to continue to operate the conversion facility and
refinery with a reduced workforce, to continue UO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB> production at the conversion facility and fuel pellet and fuel bundle production at CFM and comply with all regulatory requirements while
production is suspended; the statement that our fuel services facilities continue to operate safely; our intention to work with our customers to help meet their delivery needs and enable them to continue to provide nuclear power; and the potential
for variability in our 2020 outlook and our expectations regarding updating our 2020 outlook. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Material risks that could lead to different results
include: the possibility that placing the UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant at the Port Hope conversion facility in a temporary safe shutdown state could take longer than expected, or that the shutdown may extend for
longer than currently anticipated; we may be unable to suspend or resume production of UO<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB> at the Blind River refinery within the expected time periods, or we may be unable to continue
receiving uranium concentrate deliveries while production is suspended; further disruption in our operations due to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> or other factors, may prevent us from continuing to operate the conversion facility
and refinery with a reduced workforce, or to continue UO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB> production at the conversion facility or fuel pellet and fuel bundle production at CFM; we may be unable to comply with applicable
regulatory requirements due to a reduced workforce, or other disruptions caused by <FONT STYLE="white-space:nowrap">COVID-19;</FONT> we may encounter operational or other disruptions that create safety incidents; the risk that the impact of <FONT
STYLE="white-space:nowrap">COVID-19</FONT> and these unplanned events will have a materially adverse impact on our 2020 outlook; the risk that we may be unable to assess and report on the impact of these unplanned events on our 2020 outlook in a
timely manner; and the risk that we may be unable to successfully manage the current uncertain environment resulting from <FONT STYLE="white-space:nowrap">COVID-19</FONT> and its related operational, marketing or financial risks successfully,
including the risk of significant disruption to our workforce, required supplies or services, ability to transport uranium, or our delivery schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
presenting this forward-looking information, we have made assumptions which may prove incorrect, including assumptions regarding: the process for placing the UF<SUB STYLE="font-size:85%; vertical-align:bottom">6</SUB> plant at the Port Hope
conversion facility in a temporary safe shutdown and the length of the shutdown period; the process for suspending and resuming production of UO<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB> at the Blind River refinery and our ability to
continue receiving uranium concentrate deliveries while production is suspended; our ability to operate the conversion facility and refinery with a reduced workforce, and to continue UO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB>
production and fuel pellet and fuel bundle production; our ability to comply with applicable regulatory requirements with a reduced workforce and without safety incidents; that we will be able to assess, quantify and provide an update regarding any
implications of these unplanned events on our 2020 outlook in a timely manner; and our ability to successfully manage the current uncertain environment resulting from <FONT STYLE="white-space:nowrap">COVID-19</FONT> and its related operational,
marketing or financial risks successfully. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking information is designed to help you understand management&#146;s current views of our
near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- End - </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor inquiries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rachelle Girard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">306-956-6403</FONT></FONT> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media inquiries &#150; outside Northumberland County, Ontario </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeff Hryhoriw </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">306-385-5221</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media inquiries &#150; within Northumberland County, Ontario </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sara Forsey </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">905-771-1007</FONT></FONT> </P>
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