<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d87969ex99-3.txt
<DESCRIPTION>NOTES TO FINANCIAL STATEMENTS
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.3


                        INTERNATIONAL URANIUM CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       (UNITED STATES DOLLARS) (UNAUDITED)

1.   Basis of Preparation of Financial Statements

     These unaudited interim consolidated financial statements of the Company
     and its subsidiaries have been prepared in accordance with accounting
     principals generally accepted in Canada on a basis consistent with the
     consolidated financial statements of the Company included in its 2000
     annual report.

2.   Adoption of New Accounting Standard

     On January 1, 2000, the Company adopted new recommendations of the Canadian
     Institute of Chartered Accountants relating to accounting for income taxes.
     The new standard requires the use of the asset and liability method for
     accounting for income taxes. The Company adopted this standard
     retroactively and has not recognized any future tax asset or liability in
     the current or prior periods as the net future tax assets are fully offset
     by a valuation allowance. Accordingly, the adoption of the new standard
     does not result in changes to prior period financial statements.






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