<SEC-DOCUMENT>0001193125-20-106331.txt : 20200414
<SEC-HEADER>0001193125-20-106331.hdr.sgml : 20200414
<ACCEPTANCE-DATETIME>20200414115232
ACCESSION NUMBER:		0001193125-20-106331
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200414
FILED AS OF DATE:		20200414
DATE AS OF CHANGE:		20200414

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:		20790449

	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>d930999d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<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:10pt; 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:16pt; 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:6pt;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:20pt; 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:16pt; 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:10pt;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:20pt; 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:20pt; 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;&#9745;</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;&#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> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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><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">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<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">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated April&nbsp;13, 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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;14, 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>
<TD HEIGHT="16" COLSPAN="2"></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">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>&#147;Sean A. Quinn&#148;</I></P></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&nbsp;Secretary</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d930999dex1.htm
<DESCRIPTION>EX-1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>TSX: </B>CCO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>NYSE:&nbsp;</B>CCJ</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">


<IMG SRC="g930999g25d51.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>website: </B>cameco.com</FONT><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman"><B>currency:</B>&nbsp;Cdn&nbsp;(unless&nbsp;noted)</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 Extends Production Suspension at Cigar Lake Mine and Withdraws Outlook
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan, Canada, April&nbsp;13,
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 extending the temporary production suspension at the Cigar Lake uranium mine in northern Saskatchewan as the effects of the global <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic persist. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco announced on March&nbsp;23 that the Cigar Lake operation was being placed in safe care and maintenance mode for four weeks, during which we would
assess the status of the situation and determine whether to restart the mine or extend the production suspension. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the impact of <FONT
STYLE="white-space:nowrap">COVID-19</FONT> continuing to escalate, we have determined that the Cigar Lake workforce will need to remain at its current reduced level for a longer duration. The precautions and restrictions put in place by the federal
and provincial governments, the increasing significant concern among leaders in the remote isolated communities of northern Saskatchewan, and the challenges of maintaining the recommended physical distancing at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">fly-in/fly-out</FONT></FONT> sites with a full workforce were critical factors Cameco considered in reaching this decision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco will therefore keep the facility in safe care and maintenance for an indeterminate period. We will monitor the situation on a continual basis to
determine when a safe, sustainable restart is possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cigar Lake ore is processed at Orano Canada Inc.&#146;s McClean Lake mill, which is also
presently in care and maintenance. Orano has also decided to extend the temporary production suspension at its McClean Lake mill. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The global
challenges posed by this pandemic are not abating &#150; in fact, they are deepening,&#148; Cameco&#146;s president and CEO Tim Gitzel said. &#147;We therefore need to stay vigilant and do everything we can to keep people and families safe. We are
especially sensitive to the situation in the remote, isolated communities of northern Saskatchewan that are home to a sizeable portion of the workforce at Cigar Lake.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The care and maintenance crews remaining at all four of Cameco&#146;s mining and milling operations in northern Saskatchewan are in a safe working
environment. Guidance and direction from public health authorities are being followed closely, and the smaller workforces that remain have proven to be much more conducive to achieving the recommended physical distancing and enhanced safety
precautions. </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">The proactive decisions we have made to protect our employees and to help slow down the spread of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> virus are necessary decisions and they are consistent with our values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the rapidly developing <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the number of moving pieces it creates, we are withdrawing our outlook for 2020. Although we will provide a further update on our business when we report our first quarter results before
markets open on May&nbsp;1, 2020, we do not expect to resume providing outlook information until we have a sufficient basis to assess the future implication for us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Despite the current uncertainties as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we expect our business to be
resilient,&#148; Gitzel said. &#147;With many governments and communities declaring states of emergency in their jurisdictions, our utility customers&#146; nuclear power plants are part of the critical infrastructure needed to guarantee the
availability of <FONT STYLE="white-space:nowrap">24-hour</FONT> electricity to run hospitals, care facilities and essential services. So our customers are going to need uranium. As a reliable, independent, commercial supplier, we will continue to
work with them to help meet their delivery needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;However, the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has disrupted global
uranium production, adding to the supply curtailments that have occurred in the industry for many years. As such, we believe the risk to uranium supply is greater than the risk to uranium demand, creating a renewed focus on ensuring availability of
long-term supply. Over time, we expect this renewed focus on security of supply will provide the market signals producers need, and will help offset any near-term costs we may incur as a result of the current disruptions to our business.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our balance sheet remains strong, and we believe we are well positioned to self-manage risk. Thanks to the disciplined execution of our strategy on all three
fronts &#150; operational, marketing and financial &#150; we expect to have the financial capacity to manage the disruptions to our operations caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. At December&nbsp;31, 2019 we had
$1.2&nbsp;billion in cash and $1&nbsp;billion in long-term debt with maturities in 2022, 2024 and 2042. In addition, we have a $1&nbsp;billion undrawn credit facility. We expect our cash balances and operating cash flows to meet our capital
requirements during 2020, and therefore, we do not anticipate drawing on our credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Cigar Lake operation is owned by Cameco (50.025%),
Orano Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco. </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>
</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>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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Examples of forward-looking information in this news release include the extension of the production suspension at the Cigar Lake mine for an indeterminate
period; our statement that we will monitor the situation on a continual basis to determine when a safe, sustainable restart is possible; our expectations regarding the safety of our working environment at our Saskatchewan operations; our expectation
that our business will be resilient despite the current uncertainties as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic; our expectation that nuclear plants will be part of the critical infrastructure needed to guarantee
the availability of power, that our customers will continue to need uranium, and our intention to work with our customers to help meet their delivery needs; our views regarding uranium supply and demand, and our expectation that a renewed focus on
security of supply will provide the market signals producers need and will help us offset any near-term costs we incur as a result of the current disruptions to our business; our intention to provide a further update on our business when we report
our first quarter 2020 results, and our expectation to resume providing outlook information when we have a sufficient basis to do so; and our expectations regarding our ability to self-manage risk, including our financial capacity to manage the
disruptions to our operations caused by <FONT STYLE="white-space:nowrap">COVID-19</FONT> without drawing on our credit facility. </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 risk that suspension at the Cigar Lake mine may continue for an extended period due to a number of factors, including the length of the period during which a safe, sustainable restart of the mine is not
possible; the risk that we may face significant delays in restarting the mine once we determine to do so, or that there may be significant delays in restarting processing at the McClean Lake mill; risks of safety incidents and risks to the health of
our care and maintenance crews at our Saskatchewan operations; the risk that our business may not be as resilient in recovering from the disruptions caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic as we expect; the risk that
demand for nuclear power and uranium will decrease; the risk that we will incur costs as a result of the current disruptions to our business that we are unable to offset in the future; the risk that we may be unable to provide a meaningful further
update on our business when we report our first quarter 2020 results, or that we will be unable to resume providing outlook information for an extended period; the risk that we may be required to draw on our credit facility to manage disruptions to
our business caused by <FONT STYLE="white-space:nowrap">COVID-19;</FONT> 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 period of the
suspension at the Cigar Lake mine and our ability to determine when a safe, sustainable restart is possible; assumptions regarding our ability to resume production at Cigar Lake and Orano&#146;s ability to resume processing at their McClean Lake
mill after the period of suspension; assumptions regarding the safety of our working environment at our Saskatchewan operations, the sufficiency of compliance with guidance and direction from public health authorities, and our ability to do so; the
ability of our </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">
business to recover from the disruptions caused by <FONT STYLE="white-space:nowrap">COVID-19;</FONT> assumptions regarding uranium supply and demand and the demand for nuclear power; assumptions
regarding our ability to offset the costs of the current disruptions to our business in the future; our ability to provide a meaningful further update on our business when we report our first quarter 2020 results, and to resume providing outlook
information in the future; our ability to manage disruptions to our business caused by <FONT STYLE="white-space:nowrap">COVID-19</FONT> without drawing on our credit facility; 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Qualified Person </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above
scientific and technical information relating to the Cigar Lake uranium mining operation was approved by Lloyd Rowson, general manager, Cigar Lake, Cameco. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- End - </P> <P STYLE="font-size:18pt;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:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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"><B>Investor inquiries:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Rachelle Girard</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">306-956-6403</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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"><B>Media inquiries:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Jeff Hryhoriw</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">306-385-5221</FONT></FONT><BR></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g930999g25d51.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g930999g25d51.jpg
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M,C(R,C(R,C(R,O_  !$( &  D0,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
M         0(#! 4&!P@)"@O_Q "U$  " 0,# @0#!04$!    7T! @, !!$%
M$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U
M-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*
MDI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:
MX>+CY.7FY^CIZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!         0(#
M! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<  0(#$00%(3$&$D%1!V%Q
M$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%
M1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8
MF9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?H
MZ>KR\_3U]O?X^?K_V@ , P$  A$#$0 _ /?Z*** "BBB@ HHHH ***1F5%+,
MP50,DDX %  S!5+,0% R2>U<[X=\=^'/%>H7UCH^HQW%Q9-AUZ;UX^=,_>7/
M&1W]B"?!?BS\8IO$3W&@:!(8M(#%)KA3AKK'4#T3V[]^.*Y_X:^ ?&6NZE;:
MSH+G3(K>3<FI3$JN0<$*,$OW!&-O4$C- 'U[1618^(=*N+\:.-:T^ZU:*/\
M?PP2*&W#ACLW$KSV))%:] !1110 4444 %%%% !1110 4444 %%%% !11534
M]3LM&TVXU'4KF.VL[==\LLAP%']23@ #DD@#F@"W7BG[0/C>32M)@\+V,C)<
M:@GFW3*2"L&2 O\ P(@YYZ*0>&IWA#XBZC\1OBY#%8R2V6@Z;;33BVW8:XX$
M8:3'!YD!"]!CN>:\9^*>JR:O\3M?GD&WRKMK55SD 1?N_P!=N?QH W/@]\.D
M\9:O+J.J*5T/3R#+G($\G41Y[ #ENX&!QNR+WQ,^+UQK$CZ!X6D-AX?@7R-T
M \MKE0,8&/NQXX"C&1UZ[1TGB:X_X07]G71M*LG5+O6T0SL!M<K(IDDZ=< K
M&<_PFN&^#7@F'QCXQS?QE],T]!/.I&5D;.$C/L3DGU"D=Z *7@CX>>-=?N+;
M5-!MI+2..0&+4)9/)13G[RG[S 8.=H/I7UKX?368]"M(_$$EI+JJJ5GDM,^6
MY!.",@')&"> ,YQQ7SE\3/C)J>HZI-H_A>\?3M(M6\H36K;)+@J<;@PY5..
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M)0)W3C(VR!LG!7G..3GVH ]I) !). *S;;Q#HM[=FTM=8T^>Y!P88KE&<?\
M 0<UX=\4/$6IZWXWT/X<MJ$B6Q>UAU.:%0AN)9-N3C^Z P8+TR><X&.E\?\
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C5(6M[[4W1_(;[R1*#LW#LQ+,<=@1G!R*]4HHH **** /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
