Cameco to suspend production from McArthur River and Key Lake operations and reduce its dividend - Seite 3

Cameco is the operator of both McArthur River mine and the Key Lake mill that processes all of the ore from McArthur River to uranium concentrate. Cameco owns 70% of McArthur River and 83% of Key Lake. AREVA Resources Canada Inc. owns the remainder. Together, the operations produced 11.1 million pounds of uranium in the first nine months of 2017 (Cameco's share 7.8 million pounds).

Conference Call

We invite you to join a conference call on Thursday, November 9, 2017, at 7:00 a.m. Eastern to discuss these actions.

The call will be open to all investors and the media. To join the call, please dial [phone] (Canada and US) or [phone]. An operator will put your call through. A live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

A recorded version of the proceedings will be available:

• on our website, cameco.com, shortly after the call
• on post view until midnight, Eastern, December 9, 2017, by calling [phone] (Canada and US) or [phone] (Passcode 1872)

Profile

Cameco is one of the world's largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Caution Regarding Forward-Looking Information and Statements

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 expectation that production from the McArthur River mining and Key Lake milling operations in northern Saskatchewan will be temporarily suspended by the end of January 2018 and that the duration of the suspension and temporary layoff is expected to last 10 months; that the company's annual dividend in 2018 will be $0.08 per common share; no expectation of change on the immediate horizon with the continued state of oversupply in the uranium market; that we expect our share of the costs to maintain both operations during the suspension to range between $6.5 and $7.5 million per month; positioning Cameco to weather continued low uranium prices and have uncommitted, low-cost supply to deliver into a strengthening market; and planned capital expenditures for 2017 are expected to be 26% lower than in 2016. Material risks that could lead to a different result include: