<SEC-DOCUMENT>0001193125-20-182415.txt : 20200629
<SEC-HEADER>0001193125-20-182415.hdr.sgml : 20200629
<ACCEPTANCE-DATETIME>20200629172512
ACCESSION NUMBER:		0001193125-20-182415
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200629
FILED AS OF DATE:		20200629
DATE AS OF CHANGE:		20200629

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:		20997735

	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>d942484d6k.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: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 June, 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;&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;&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: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>
</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:6pt;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="7%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></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 ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit&nbsp;No.</B></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; display:table-cell; 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" ALIGN="center">Press Release dated June&nbsp;26, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3&nbsp;-&nbsp;5</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="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;29, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">By:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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">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="bottom">Senior Vice-President, Chief Legal Officer and Corporate Secretary</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <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>d942484dex1.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:24pt;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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


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


<IMG SRC="g942484g63c46.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>website: </B>cameco.com <B></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>currency:
</B>Cdn (unless 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; 11<SUP STYLE="font-size:85%; vertical-align:top">th </SUP>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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cameco Pleased as Federal Court of Appeal
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Unanimously Upholds Tax Court Decision </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan, Canada, June&nbsp;26, 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; </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 the Federal Court of
Appeal (Court of Appeal) has upheld the September&nbsp;26, 2018 decision of the Tax Court of Canada (Tax Court). The 2018 decision, which had been appealed by Canada Revenue Agency (CRA), was unequivocally in Cameco&#146;s favour in its dispute of
reassessments issued by CRA for the 2003, 2005 and 2006 tax years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are very pleased that the Court of Appeal has unanimously upheld the Tax
Court&#146;s clear and decisive ruling in our favour,&#148; said Cameco president and CEO Tim Gitzel. &#147;Four judges have now found that Cameco complied with both the letter and intent of the law. We followed the rules, yet this <FONT
STYLE="white-space:nowrap">12-year</FONT> dispute has caused significant uncertainty for our company and our stakeholders at a time when we have been navigating through some of the most challenging global market and economic conditions we have ever
faced.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The September 2018 ruling from the Tax Court found that Cameco&#146;s marketing and trading structure involving foreign subsidiaries, as
well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, are in full compliance with Canadian laws for the tax years in question. CRA appealed this decision to the Court of Appeal on
October&nbsp;26, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;30, 2019, a subsequent decision by the Tax Court resulted in Cameco being awarded $10.25&nbsp;million in legal fees
and up to $17.9&nbsp;million in disbursements for costs incurred as a result of its dispute with CRA. CRA requested that this cost award be overturned if its appeal of the September 2018 decision was successful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Court of Appeal&#146;s ruling upholds both the Tax Court&#146;s original decision on reassessments for the 2003, 2005 and 2006 tax years and its
corresponding decision on the cost award. Cameco will also be receiving an additional nominal cost award related to the Court of Appeal hearing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under
the current rules, CRA has until September&nbsp;25, 2020 to seek leave to appeal the decision of the Court of Appeal to the Supreme Court of Canada. However, proposed legislation related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic
measures is presently under consideration that would extend the deadline to November&nbsp;12, 2020. If the Supreme Court agrees to hear the appeal, Cameco estimates that a further two years would be required from the date of the Court of
Appeal&#146;s ruling to receive a decision. </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">If an appeal to the Supreme Court is not sought or granted, then the dispute over the 2003, 2005 and 2006
tax years is resolved in Cameco&#146;s favour. Cameco would expect to receive a refund of $5.5&nbsp;million plus interest for instalments the company paid on previous reassessments issued by CRA for the 2003, 2005 and 2006 tax years, as well as the
costs awarded by the Tax Court and Court of Appeal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Court of Appeal ruling is not legally binding on the subsequent tax years in dispute (2007
through 2013), but we believe it should apply in principle to these tax years and any other tax years yet to be reassessed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Cameco has consistently
worked hard to be a good corporate citizen,&#148; Gitzel said. &#147;We have invested billions of dollars in Canada, contributed considerably to the well-being of our communities, and been recognized as one of Canada&#146;s leading partners,
employers and supporters of Indigenous people. Even as we have managed our way through the incredible challenges posed by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, Cameco has not laid off any of our employees and has not
benefitted from any of the related funding governments have made available to businesses.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Government of Canada continues to hold
$303&nbsp;million in cash and $482&nbsp;million in letters of credit that Cameco has been required to pay as instalments on the reassessments issued by CRA for all tax years in dispute (2003 through 2013), tying up a sizeable amount of the
company&#146;s financial capacity. With both court decisions in its favour, Cameco will be asking the government to return these instalments to the company, even if leave to appeal is requested by CRA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Cameco&#146;s position has prevailed at every stage of the legal process,&#148; Gitzel said. &#147;If CRA feels the laws aren&#146;t written the way
they want, then it&#146;s clear they need to approach the government to change the laws moving forward, not continue to pursue the same arguments over and over again before different courts and expect a different outcome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We therefore hope CRA accepts the Court of Appeal&#146;s decision and applies it to subsequent tax years so that we can finally move on from this
dispute and focus on managing our business for the benefit of all our stakeholders.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Court of Appeal&#146;s written decision is expected to be
received next week and will be posted alongside the Tax Court&#146;s September 2018 decision on Cameco&#146;s website at www.cameco.com. </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. Examples of forward-looking information in this news release include our estimate
regarding the time it would take to receive a decision of the Supreme Court if CRA seeks leave to appeal the decision and the Supreme Court agrees to hear the appeal; our expectation of receiving a refund of $5.5&nbsp;million plus interest for
instalments paid on previous reassessments, as well as the costs awarded by the Tax Court and the Court of Appeal; our belief the Court of Appeal&#146;s ruling should apply in principle to other years; and our intention to seek the return of funds
held by the Government of Canada as instalments on reassessments even if the CRA seeks leave to appeal. Material risks that could lead to different results include the possibility that it will take longer to receive a decision if the Supreme Court
agrees to hear an appeal; the risk that we will not receive the full amount, or any portion, of our expected refund of $5.5&nbsp;million plus interest for instalments paid and the costs awarded by the Tax Court and the Court of Appeal; the
possibility of a materially different outcome in disputes for other years; and the risk that we will be unable to recover funds held by the Government of Canada if CRA seeks leave to appeal. In presenting this forward-looking information, we have
made assumptions which may prove incorrect about the time it would take to receive a decision if the Supreme Court agrees to hear an appeal; our ability to obtain refunds of past instalment payments and cost awards; and our ability to recover funds
if CRA seeks leave to appeal. 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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- End - </P>
<P STYLE="margin-top:24pt; 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>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">rachelle_girard@cameco.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media inquiries: </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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">jeff_hryhoriw@cameco.com </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g942484g63c46.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g942484g63c46.jpg
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M,C(R,C(R,C(R,O_  !$( %4 @0,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
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M5)=.T^XECN5_U:W*A#,.^WGGZ4 =O1110 4444 %%%% !1110 4444 %%%%
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M]E=E(621AW!QP/R% 'F M=*T&P\66&L./%?B*Z65_-LH#+]E 4_/([8"8/)
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F*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

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