<SEC-DOCUMENT>0001193125-25-191366.txt : 20250828
<SEC-HEADER>0001193125-25-191366.hdr.sgml : 20250828
<ACCEPTANCE-DATETIME>20250828171723
ACCESSION NUMBER:		0001193125-25-191366
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250828
FILED AS OF DATE:		20250828
DATE AS OF CHANGE:		20250828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		251274757

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		PROVINCE COUNTRY:   	Z4
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		PROVINCE COUNTRY:   	Z4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d62382d6k.htm
<DESCRIPTION>6-K
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<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">FORM&nbsp;6-K</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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 August, 2025 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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&#8194;&#9744;&#8195;&#8195;&#8195;Form</FONT> <FONT
STYLE="white-space:nowrap">40-F&#8194;</FONT> <U></U>&#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 <FONT STYLE="white-space:nowrap">Rule&nbsp;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&#8194;&#9744;&#8195;&#8195;&#8195;No&#8194;&#9745; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#8220;Yes&#8221; 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><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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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:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit&nbsp;No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <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; ">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d62382dex991.htm">Press Release dated August&nbsp;28, 2025 </A></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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: August&nbsp;28, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Cameco Corporation</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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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">/s/ 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="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">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" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice-President, Chief Legal Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and Corporate Secretary</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d62382dex991.htm
<DESCRIPTION>EX-99.1
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<TITLE>EX-99.1</TITLE>
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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 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>NEWS RELEASE</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">www.cameco.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>Saskatoon</B></TD></TR>
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<TD VALIGN="top"><I>All amounts in Canadian dollars</I></TD>
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<TD VALIGN="top" ALIGN="right">Saskatchewan</TD></TR>
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<TD VALIGN="top"><I>unless specified otherwise</I></TD>
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<TD VALIGN="top" ALIGN="right">Canada</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cameco provides production update; strategically well-positioned for continued long-term value creation
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>August&nbsp;28, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameco (TSX: CCO;
NYSE: CCJ)</B> provided an operational update today regarding its 2025 production plans. Development delays in transitioning the McArthur River mine to new mining areas are expected to defer the extraction of pounds planned in 2025 and therefore
impact our 2025 production forecast. However, strong performance at the Cigar Lake mine provides an opportunity to partially offset the deferred McArthur River production. We believe our balanced and disciplined strategy and embedded risk
management, which includes diversified production assets and access to multiple sources of supply, position us well to effectively mitigate the impact of these types of disruptions, meet our delivery commitments, and continue to deliver long-term
value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the beginning of 2025, we highlighted several potential risks to the McArthur River mine&#8217;s production schedule that could impact the
timing of packaged production from the Key Lake mill and our consolidated production outlook for 2025. The risks included development delays and the expected timing of ground freezing as the mine transitioned into two new mining areas, as well as
access to adequate skilled labour, and the timing of commissioning for new customized equipment. The impact of these risks was dependent on the magnitude of the delay, the McArthur River mine&#8217;s ability to substitute feed for the Key Lake mill
with production from alternative mining areas, and our ability to offset reduced production from McArthur River/Key Lake with additional production from the Cigar Lake mine. We have determined that we are unable to fully mitigate the expected impact
of the delayed development and slower than anticipated ground freezing in the first half of 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Production from the McArthur River/Key Lake operation
is now anticipated to be between 14&nbsp;million and 15&nbsp;million pounds of uranium concentrate (U<SUB STYLE="font-size:75%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:75%; vertical-align:bottom">8</SUB>) (100% basis; 9.8&nbsp;million
to 10.5&nbsp;million pounds our share) in 2025, down from our previous forecast of 18&nbsp;million pounds U<SUB STYLE="font-size:75%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:75%; vertical-align:bottom">8</SUB> (100% basis;
12.6&nbsp;million pounds our share). At the Cigar Lake mine, we continue to expect to produce 18&nbsp;million pounds U<SUB STYLE="font-size:75%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:75%; vertical-align:bottom">8</SUB> (100% basis;
9.8&nbsp;million pounds our share) this year, however performance to date at Cigar Lake has been strong, creating an opportunity to potentially offset up to 1&nbsp;million pounds (100% basis) of the shortfall at the McArthur River/Key Lake
operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco&#8217;s strategy, which aligns our marketing, operational and financial decisions to capture full-cycle value, positions us to
effectively manage the expected production shortfall and meet our delivery commitments to our customers. With favourable market prices for uranium today, we continue to have the option to buy in the spot market if it is advantageous for us to do so.
However, we plan our supply sources several years prior to delivery to mitigate the impact of potential disruptions. Therefore, beyond production and spot market purchases, we have the flexibility to source material through various other means,
including using our inventory, borrowing product, and pulling forward long-term purchases. Any uranium we do not produce this year will remain available to us and, with increasing upstream supply pressures, potentially become more valuable when
delivered in the future. We have maintained exposure to higher prices under both the market-related contracts in our long-term portfolio and our pipeline of contract negotiations, which we expect will generate long-term value for Cameco. We have
also maintained a strong balance sheet to help us self-manage risk. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This unplanned event may lead to variability in the other outlook provided in our second quarter
Management&#8217;s Discussion and Analysis (MD&amp;A) for 2025; however, it is too soon to quantify the impact. We will provide an update when we better understand the implications of the deferred production. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The McArthur River mine is owned 69.805% by Cameco and 30.195% by Orano. The Key Lake mill is owned 83.333% by Cameco and 16.667% by Orano. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Cigar Lake operation is owned 54.547% by Cameco, 40.453% by Orano Canada Inc. (Orano) and 5% by TEPCO Resources Inc. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Qualified Persons </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The technical and scientific
information discussed in this document for McArthur River/Key Lake and Cigar Lake was approved by the following individuals who are qualified persons for the purposes of NI <FONT STYLE="white-space:nowrap">43-101:</FONT> Greg Murdock, general
manager, McArthur River, Cameco; Daley McIntyre, general manager, Key Lake, Cameco; Kirk Lamont, general manager, Cigar Lake, Cameco. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking
Information </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 expectations for the future, which are referred to as forward-looking
information. This forward-looking information is based on current views, which can change significantly, and actual results and events may be significantly different from what is currently expected. Examples of forward-looking information in this
news release include our expectation of changes to our 2025 production forecast as a result of delayed developments and slower than anticipated ground freezing at the McArthur River/Key Lake operation, and our expectation that we will be unable to
fully mitigate the expected impacts thereof; our expectation that the development delays will defer planned extraction of uranium for 2025 at the McArthur River/Key Lake operation to a later date; the new expected production levels of the McArthur
River/Key Lake operation for 2025; our expectation for the 2025 production levels of the Cigar Lake mine, and our view that its performance in 2025 may provide an opportunity to partially offset the shortfall at the McArthur River/Key Lake
operation; our belief that our strategy positions us well to effectively mitigate the expected production shortfall, meet our delivery commitments, and continue to deliver long-term value,; our view that we have the option to buy uranium in the spot
market if necessary to offset the production shortfall; our anticipated flexibility to source material through means other than production and spot market purchases; our expectation that any uranium not produced in 2025 will remain available to us
in future years and potentially become more valuable when delivered in the future; our expectation that our maintained exposure to higher prices in our long-term contracts and ongoing contract negotiations will generate long-term value for us; our
view that maintaining a strong balance sheet will help us self-manage risk; and our view that the production shortfall may affect the outlook regarding production and other matters provided in our second quarter MD&amp;A for 2025, and our intention
to provide a further update in the future. </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 production levels at the McArthur
River/Key Lake operation could be even lower than we currently expect for 2025 due to further development delays, slower than anticipated ground freezing, lack of access to adequate skilled labour, delayed commissioning of new equipment, or for
other reasons; the risk that the Cigar Lake mine will not achieve its planned production for 2025, or that its production levels are insufficient to partially offset the shortfall at the McArthur River/Key Lake operation; the risk that spot market
prices for uranium become unfavourable to us in the future; the risk that we may be unable to mitigate the expected production shortfall, meet our delivery commitments, or continue to deliver long-term value effectively if we are unable to source
material through means other than production and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
spot market purchases, or if we are unable to otherwise successfully execute on our strategy; the risk that circumstances may arise which delay or prevent the future production of any uranium not
produced this year, or the risk that such uranium may be less valuable when delivered in the future; the risk that our exposure to higher prices in our long-term contracts and ongoing contract negotiations will not generate the expected long-term
value for us; the risk that the outcome of our contracting negotiations will not be as favourable to us as we expect; the risk we may be unable to self-manage risk as effectively as we expect; and the risk that these or other factors may result in
further changes to our previously provided outlook, or that we are not able to provide a timely update regarding those changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco has made material
assumptions which may prove incorrect, including assumptions regarding the extent of the impact that the challenges at the McArthur River/Key Lake operation will have on production levels; assumptions regarding the magnitude of the delays and
possible further delays; the ability of the Cigar Lake mine to achieve or exceed its expected production level; assumptions regarding the favourability of uranium spot market purchases to us; our ability to mitigate the expected shortfall, meet our
delivery commitments and continue to deliver long-term value by sourcing material through means other than production and spot market purchases, and by otherwise successfully executing on our strategy; our ability to achieve future production of
uranium not produced this year, and assumptions regarding the effect of upstream supply pressures on future uranium pricing; our ability to derive long-term value from our exposure to higher prices in our long-term contracts and ongoing contract
negotiations; our ability to conclude contracting negotiations on favourable terms; assumptions regarding future developments and trends in the uranium market; our ability to self-manage risk; and our ability to identify and provide updates
regarding further changes to our outlook. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other material risks and assumptions associated with Cameco&#8217;s business are described in greater detail in
Cameco&#8217;s current annual information form and its most recent annual and subsequent quarterly MD&amp;A. Forward-looking information is designed to help you understand management&#8217;s current views of our near-term and longer-term prospects,
and it may not be appropriate for other purposes. Cameco will not necessarily update this information unless required by securities laws. </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 power a secure energy future. Our competitive position is based on our
controlling ownership of the world&#8217;s largest high-grade reserves and <FONT STYLE="white-space:nowrap">low-cost</FONT> operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse
Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock
exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco
Corporation and its subsidiaries unless otherwise indicated. </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: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:10pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investor inquiries</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>Media inquiries</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Cory Kos</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Veronica Baker</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">306-716-6782</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">306-385-5541</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cory_kos@cameco.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">veronica_baker@cameco.com</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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