Home Business Cameco broadcasts 2022 outcomes; robust market fundamentals captured in document long-term contracting of 80 million kilos uranium and 17 million kgU of conversion companies; disciplined return to tier-one run fee with publicity to enhancing costs

Cameco broadcasts 2022 outcomes; robust market fundamentals captured in document long-term contracting of 80 million kilos uranium and 17 million kgU of conversion companies; disciplined return to tier-one run fee with publicity to enhancing costs

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SASKATOON, Saskatchewan — Cameco (TSX: CCO; NYSE: CCJ) right this moment reported its consolidated monetary and working outcomes for the fourth quarter and 12 months ended December 31, 2022 in accordance with Worldwide Monetary Reporting Requirements (IFRS).

“Demand for nuclear energy, supported by progress throughout the close to, medium and long run, is driving one of the best fundamentals we have now ever seen for the nuclear gasoline market. The rising structural hole has led to produce uncertainty, which was amplified in 2022. As a confirmed, dependable, impartial, business provider of nuclear fuels, Cameco is positioned to learn from these fundamentals. Our 2022 outcomes, and our steering for 2023, mirror the transformative 12 months that we have now had and the chance that continues to be forward of us. In 2022, we had been profitable in contracting 80 million kilos of uranium and 17 million kgU of conversion companies, with a document variety of contracts signed in a market that has strengthened and is in sturdy progress mode. Our contracting additionally permits us to sustainably function our property, together with tier-one property which can be anticipated to generate full-cycle worth for Cameco. And, in 2022, with the resumption of manufacturing at McArthur River and Key Lake, we started the return to a tier-one run fee, which we count on will considerably enhance our monetary outcomes,” stated Tim Gitzel, Cameco’s president and CEO.

“The geopolitical occasions that impacted 2022 accelerated safety of provide considerations and paired with the continued give attention to the local weather disaster, created what we consider are transformative tailwinds for the nuclear energy trade from each a requirement and provide perspective. In early-January, unrest in Kazakhstan raised considerations concerning the safety of the greater than 40% of world uranium provide that originates from Kazakhstan. Nevertheless, it was the Russian invasion of Ukraine in late-February that was essentially the most transformative occasion for our trade. We consider it has set in movement a geopolitical realignment in vitality markets that’s highlighting the essential position for nuclear energy not simply in offering clear vitality, but in addition in offering safe and reasonably priced vitality. And, with the worldwide nuclear trade reliant on Russian provides for about 14% of uranium concentrates, 27% of conversion and 39% of enrichment, it’s highlighting the safety of provide threat related to the rising main provide hole and shrinking secondary provides, and rising the give attention to origin of provide.

“We proceed to consider that Cameco stays the easiest way to put money into the restoration of the uranium market. With nuclear vitality clearly again in sturdy progress mode, Cameco can be again in sturdy progress mode. Progress that will likely be sought in the identical method as we method all points of our enterprise; strategic, deliberate, disciplined, and with a give attention to producing full-cycle worth.

“Now we have had success capturing the enhancing market fundamentals with a document variety of contracts signed. Our contracting focus has been on acquiring market-related pricing mechanisms, whereas additionally offering enough draw back safety. We proceed to be strategically affected person in our discussions to maximise worth in our contract portfolio and to keep up publicity to increased costs with unencumbered future productive capability.

“With the enhancements out there, the brand new long-term contracts we have now put in place and our pipeline of contracting discussions, we’re shifting to the subsequent section of our provide self-discipline. Our plan will now be for McArthur River/Key Lake to supply 18 million kilos per 12 months (100% foundation) beginning in 2024 and we are going to proceed to function Cigar Lake at its licensed capability of 18 million kilos per 12 months (100% foundation) in 2024. At Inkai, manufacturing will proceed to comply with the 20% discount deliberate by Kazatomprom (KAP) till the tip of 2023. With annual licensed capability of 25 million kilos at McArthur River/Key Lake, we proceed to have the power to broaden manufacturing from our present property. If we took benefit of the entire tier-one enlargement alternatives obtainable to us, our annual share of tier-one provide might be about 32 million kilos. Nevertheless, any resolution to broaden manufacturing will likely be depending on additional enhancements within the uranium market and our capability to safe the suitable long-term contract properties for our unencumbered, in-ground stock, demonstrating that we proceed to responsibly handle our provide in accordance with our prospects’ wants.

“Due to our deliberate actions and conservative monetary administration we have now been and proceed to be resilient. The power of our stability sheet allowed us to reap the benefits of two alternatives in 2022 that we consider will add vital long-term worth for Cameco. We acquired a larger share within the Cigar Lake mine, rising our possession to 54.5%. We’re happy to extend our share within the Cigar Lake operation, which is a confirmed, permitted and absolutely licensed tier-one mine in a secure and steady jurisdiction that we function with the super participation and assist of our neighbouring Indigenous accomplice communities. And, we entered a strategic partnership with Brookfield Renewable Companions and its institutional companions (Brookfield Renewable) to collectively purchase 100% of Westinghouse Electrical Firm (Westinghouse), a world supplier of mission-critical and specialised applied sciences, services throughout most phases of the nuclear energy sector. The acquisition is predicted to shut within the second half of 2023 and is topic to customary closing circumstances and sure regulatory approvals. As soon as the transaction closes, Brookfield Renewable, will beneficially personal a 51% curiosity in Westinghouse and we are going to beneficially personal 49%. We consider bringing collectively our experience within the nuclear trade with Brookfield Renewable’s experience in clear vitality positions nuclear energy on the coronary heart of the clear vitality transition and creates a strong platform for strategic progress throughout the nuclear sector.

“With the renewed recognition of the position nuclear energy should play, we’re optimistic about Cameco’s position in supporting the transition to a net-zero carbon financial system. Via our modern decarbonization actions throughout effectivity, electrification, waste to worth, carbon financial system, and gasoline switching themes – we count on to attain a 30% absolute discount from our whole Scope 1 and a pair of emissions degree by 2030 from our 2015 baseline as our first main milestone on the journey to attain our ambition of being internet zero. We consider our largest contribution to the transition to a net-zero carbon financial system comes from the nuclear fuels that we provide to assist the technology of nuclear energy – 100% carbon-free electrical energy.

“Now we have tier-one property which can be licensed, permitted, long-lived, and confirmed dependable, and which have enlargement capability. These tier-one property are backed up by idle tier-two property and what we expect is one of the best exploration portfolio that leverages present infrastructure. We additionally present our prospects with entry to conversion, in addition to gasoline fabrication and reactor parts for heavy water CANDU reactors. With the pending joint acquisition of Westinghouse, we’re enthusiastic about having the ability to prolong the bottom of our attain within the nuclear gasoline cycle with property that, like ours, are strategic, confirmed, licensed, permitted, and positioned in geopolitically necessary jurisdictions. Belongings that we count on will have the ability to take part within the rising demand profile for nuclear vitality from their present footprint. And, we’re exploring alternatives within the nuclear gasoline cycle and in modern, non-traditional business makes use of of nuclear energy in Canada and all over the world.

“We consider we have now the appropriate technique to attain our imaginative and prescient of ‘energizing a clean-air world’ and we are going to achieve this in a fashion that displays our values. Embedded in all our choices is a dedication to addressing the environmental, social and governance dangers and alternatives that we consider will make our enterprise sustainable over the long run.”

Abstract of This fall and 2022 outcomes and developments:

  • Document contracting secures long-term revenues and money flows: In our uranium phase, in 2022, we added 80 million kilos to our portfolio of long-term uranium contracts, with a document variety of contracts signed. Of the 80 million kilos, about 58 million kilos have been finalized underneath contracts and the remaining 22 million kilos have been accepted with key business phrases, corresponding to pricing mechanism, quantity and tenor having been agreed to, however nonetheless awaiting contract finalization. We even have a big and rising pipeline of uranium enterprise underneath dialogue. As well as, with robust demand within the UF6 conversion market, we had been profitable in including long-term contracts that we count on will underpin that operation for years to return. We finalized contracts for nearly 12 million kgU of UF6 conversion in 2022 and have one other nearly 5 million kgU which were accepted and are awaiting contract finalization.
  • Contract acceptance with Energoatom: As introduced on February 8, we have now reached settlement on business phrases for a significant provide contract to offer ample volumes of pure uranium hexafluoride (UF6) (consisting of uranium and conversion companies) to SE NNEGC Energoatom (Energoatom) to satisfy Ukraine’s full nuclear gasoline wants by 2035. Key business phrases, corresponding to pricing mechanism, quantity and tenor, have been agreed to, however the contract is topic to finalization, which is anticipated within the first quarter of 2023. The settlement will include a required diploma of flexibility, given current circumstances in Ukraine. The volumes will not be included in our whole 2022 contracted volumes, and characterize potential whole necessities of 25.7 million kgU as UF6 (the equal of 67.3 million kilos of uranium) that had been accepted in 2023. This brings our whole contracting from the beginning of 2022 to over 147 million kilos of uranium (58 million kilos finalized and 89 million kilos accepted and awaiting contract finalization) and nearly 43 million kgU in conversion companies (12 million kgU finalized and nearly 31 million kgU accepted and awaiting contract finalization).
  • 2023 steering supplied, returning to tier-one run fee: Our outlook for 2023 is starting to mirror the transition of our price construction again to a tier-one run fee, as we plan our manufacturing to fulfill the rising long-term commitments underneath our contract portfolio. With the enhancements out there, the brand new long-term contracts we have now put in place, and a pipeline of contracting discussions, our plan will now be for McArthur River/Key Lake to supply 18 million kilos (100% foundation) beginning in 2024 and to proceed to function Cigar Lake at its licensed capability of 18 million kilos per 12 months (100% foundation) in 2024. At Inkai, manufacturing will proceed to comply with the 20% discount deliberate by KAP till the tip of 2023. With annual licensed capability of 25 million kilos (100% foundation) at McArthur River/Key Lake, we proceed to have the power to broaden manufacturing from our present property, nonetheless some further funding could be required. Any resolution to broaden manufacturing will likely be depending on additional enhancements within the uranium market and our capability to safe the suitable long-term contract properties for our unencumbered, in-ground stock, demonstrating that we proceed to responsibly handle our provide in accordance with our prospects’ wants. Along with our plans to broaden uranium manufacturing, at our Port Hope conversion facility we’re engaged on rising UF6 manufacturing to 12,000 tonnes by 2024 to fulfill our guide of long-term enterprise for conversion companies and buyer demand at a time when conversion costs are at historic highs. On account of these plans, we count on to see continued enchancment in our monetary efficiency. See Outlook for 2023 in our 2022 annual MD&A for extra info.
  • Elevated possession at Cigar Lake: In Could 2022, we introduced the acquisition of a larger share within the Cigar Lake mine for $107 million, rising our possession to 54.5% (from 50%). Cigar Lake is a confirmed, permitted and absolutely licensed tier-one mine in a secure and steady jurisdiction that we function with the super participation and assist of our neighbouring Indigenous accomplice communities.
  • Proposed acquisition of Westinghouse: In October 2022, we introduced we had entered right into a strategic partnership with Brookfield Renewable to collectively purchase 100% of Westinghouse, a world supplier of mission-critical and specialised applied sciences, services throughout most phases of the nuclear energy sector. Concurrently with the execution of the acquisition settlement, we secured commitments that present for a $1 billion (US) bridge mortgage facility and $600 million (US) in time period loans. Following the announcement, we undertook a $650 million (US) purchased deal providing of widespread shares, with an underwriter choice to buy further shares. The providing closed on October 17, 2022, offering us with gross proceeds of roughly $747.6 million (US) together with the underwriters’ train in stuffed with the choice to buy further shares. The acquisition is predicted to shut within the second half of 2023 and is topic to customary closing circumstances and sure regulatory approvals. As soon as the transaction closes, Brookfield Renewable will beneficially personal a 51% curiosity in Westinghouse and we are going to beneficially personal 49%. We consider bringing collectively our experience within the nuclear trade with Brookfield Renewable’s experience in clear vitality positions nuclear energy on the coronary heart of the clear vitality transition and creates a strong platform for strategic progress throughout the nuclear sector. See Proposed acquisition of Westinghouse in our 2022 annual MD&A and our October 18, 2022 materials change report (obtainable on www.sedar.com and www.sec.gov) for extra info.
  • Fourth quarter internet lack of $15 million; adjusted internet earnings of $36 million: Fourth quarter outcomes are pushed by regular quarterly variations in contract deliveries and the continued execution of our technique. Adjusted internet earnings is a non-IFRS measure, see under.
  • Annual internet earnings of $89 million; adjusted internet earnings of $135 million: Annual outcomes are starting to mirror the transition of our price construction again to a tier-one run fee as contemplated by the continued execution of our technique. Our outcomes additionally mirror the development in common realized costs as uranium costs and conversion costs proceed to extend catalyzed by geopolitical uncertainty and safety of provide considerations. In our uranium phase we delivered over 25 million kilos. Manufacturing for 2022 was 10.4 million kilos in our uranium phase as Cigar Lake met its annual manufacturing goal of 18 million kilos (100% foundation) and McArthur River/Key Lake restarted operations producing 1.1 million kilos (100% foundation). In our gasoline companies phase, we produced 13.0 million kgU, which included an annual UF6 manufacturing document. As well as, we generated $305 million in money from operations, with increased gross sales volumes in our uranium phase and better common realized costs in each our uranium and gasoline companies segments in comparison with 2021. Adjusted internet earnings is a non-IFRS measure, see under.
  • Robust stability sheet: As of December 31, 2022, we had $2.3 billion in money and money equivalents and short-term investments and $997 million in long-term debt. Internet proceeds from the introduced share issuance had been acquired in October 2022 and the US greenback money and money equivalents and short-term investments are included on our stability sheet. The ultimate financing for the Westinghouse acquisition shouldn’t be required till shut of the acquisition and will likely be decided based mostly on market circumstances and the anticipated run fee of our enterprise at the moment. We count on a everlasting financing mixture of capital sources, together with money, debt and fairness, designed to protect our stability sheet and scores power, whereas sustaining wholesome liquidity. As well as, we have now a $1 billion undrawn credit score facility.
  • Acquired dividends from JV Inkai: In 2022, we acquired dividend funds from JV Inkai totaling $93 million (US). JV Inkai distributes extra money, internet of working capital necessities, to the companions as dividends. See Uranium – Tier-one operations – Inkai in our 2022 annual MD&A.

Consolidated monetary outcomes

THREE MONTHS ENDED

YEAR ENDED

CONSOLIDATED HIGHLIGHTS

DECEMBER 31

DECEMBER 31

($ MILLIONS EXCEPT WHERE INDICATED)

2022

2021

2022

2021

Income

524

465

1,868

1,475

Gross revenue

65

56

233

2

Internet earnings (loss) attributable to fairness holders

(15)

11

89

(103)

$ per widespread share (primary)

(0.04)

0.03

0.22

(0.26)

$ per widespread share (diluted)

(0.04)

0.03

0.22

(0.26)

Adjusted internet earnings (loss) (non-IFRS, see under)

36

23

135

(98)

$ per widespread share (adjusted and diluted)

0.09

0.06

0.33

(0.25)

Money supplied by operations

77

59

305

458

The 2022 annual monetary statements have been audited; nonetheless, the 2021 fourth quarter and 2022 fourth quarter monetary info introduced is unaudited. Yow will discover a replica of our 2022 annual MD&A and our 2022 audited monetary statements on our web site at cameco.com.

NET EARNINGS

The next desk reveals what contributed to the change in internet earnings and adjusted internet earnings (non-IFRS measure, see under) within the three months and 12 months ended December 31, 2022, in comparison with the identical interval in 2021.

CHANGES IN EARNINGS

THREE MONTHS ENDED

YEAR ENDED

($ MILLIONS)

DECEMBER 31

DECEMBER 31

IFRS

ADJUSTED

IFRS

ADJUSTED

Internet earnings (losses) – 2021

11

23

(103)

(98)

Change in gross revenue by phase

(we calculate gross revenue by deducting from income the price of services bought, and depreciation and amortization (D&A), internet of hedging advantages)

Uranium

Impression from gross sales quantity modifications

1

1

(6)

(6)

Greater realized costs ($US)

29

29

328

328

International alternate affect on realized costs

25

25

44

44

Greater prices

(41)

(41)

(137)

(137)

change – uranium

14

14

229

229

Gasoline companies

Impression from gross sales quantity modifications

(10)

(10)

(21)

(21)

Greater realized costs ($Cdn)

4

4

33

33

Decrease (increased) prices

1

1

(13)

(13)

change – gasoline companies

(5)

(5)

(1)

(1)

Different modifications

Decrease (increased) administration expenditures

8

8

(44)

(44)

Greater exploration expenditures

–

–

(3)

(3)

Change in reclamation provisions

(78)

–

(31)

3

Change in positive aspects or losses on derivatives

12

(12)

(86)

(23)

Change in international alternate positive aspects or losses

6

6

74

74

Change in earnings from equity-accounted investments

(19)

(19)

26

26

Canadian Emergency Wage Subsidy

–

–

(21)

(21)

Discount buy acquire on CLJV possession curiosity improve

–

–

23

–

Greater finance revenue

21

21

30

30

Change in revenue tax restoration or expense

13

(2)

3

(30)

Different

2

2

(7)

(7)

Internet earnings (losses) – 2022

(15)

36

89

135

Non-IFRS measures

ADJUSTED NET EARNINGS

Adjusted internet earnings (ANE) is a measure that doesn’t have a standardized which means or a constant foundation of calculation underneath IFRS (non-IFRS monetary measure). We use this measure as a extra significant technique to evaluate our monetary efficiency from interval to interval. Adjusted internet earnings is our internet earnings attributable to fairness holders, adjusted to higher mirror the underlying monetary efficiency for the reporting interval. We consider that, along with typical measures ready in accordance with IFRS, sure traders use this info to guage our efficiency. Adjusted internet earnings is likely one of the targets that we measure to type the premise for a portion of annual worker and govt compensation (see Measuring our outcomes in our 2022 annual MD&A).

In calculating ANE we regulate for derivatives. We don’t use hedge accounting underneath IFRS and, due to this fact, we’re required to report positive aspects and losses on all hedging exercise, each for contracts that shut within the interval and those who stay excellent on the finish of the interval. For the contracts that stay excellent, we should deal with them as if they had been settled on the finish of the reporting interval (mark-to-market). Nevertheless, we don’t consider the positive aspects and losses that we’re required to report underneath IFRS appropriately mirror the intent of our hedging actions, so we make changes in calculating our ANE to higher mirror the affect of our hedging program within the relevant reporting interval. See International alternate in our 2022 annual MD&A for extra info.

We additionally regulate for modifications to our reclamation provisions that stream instantly by earnings. Each quarter we’re required to replace the reclamation provisions for all operations based mostly on new money stream estimates, low cost and inflation charges. This usually leads to an adjustment to our asset retirement obligation along with the supply stability. When the property of an operation have been written off because of an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded on to the assertion of earnings as “different working expense (revenue)”. See observe 16 of our annual monetary statements for extra info. This quantity has been excluded from our ANE measure.

Adjusted internet earnings is a non-IFRS monetary measure and shouldn’t be thought of in isolation or as an alternative to monetary info ready in line with accounting requirements. Different corporations might calculate this measure in another way, so it’s possible you’ll not have the ability to make a direct comparability to comparable measures introduced by different corporations.

The next desk reconciles adjusted internet earnings with our internet earnings for the three months and years ended December 31, 2022 and 2021.

THREE MONTHS ENDED

YEAR ENDED

DECEMBER 31

DECEMBER 31

($ MILLIONS)

2022

2021

2022

2021

Internet earnings (loss) attributable to fairness holders

(15)

11

89

(103)

Changes

Changes on derivatives

(19)

5

76

13

Changes on different working expense (revenue)

88

10

26

(8)

Adjustment to different revenue

–

–

(23)

–

Revenue taxes on changes

(18)

(3)

(33)

–

Adjusted internet earnings (loss)

36

23

135

(98)

Chosen segmented highlights

THREE MONTHS ENDED

YEAR ENDED

DECEMBER 31

DECEMBER 31

HIGHLIGHTS

2022

2021

CHANGE

2022

2021

CHANGE

Uranium

Manufacturing quantity (million lbs)

3.7

2.8

32%

10.4

6.1

70%

Gross sales quantity (million lbs)

6.9

6.5

6%

25.6

24.3

5%

Common realized worth1

($US/lb)

43.05

39.65

9%

44.73

34.53

30%

($Cdn/lb)

57.87

49.94

16%

57.85

43.34

33%

Income ($ hundreds of thousands)

397

323

23%

1,480

1,055

40%

Gross revenue (loss) ($ hundreds of thousands)

24

10

>100%

121

(108)

>100%

Gasoline companies

Manufacturing quantity (million kgU)

3.7

3.1

19%

13.0

12.1

7%

Gross sales quantity (million kgU)

3.8

4.9

(22)%

11.1

13.6

(18)%

Common realized worth 2

($Cdn/kgU)

30.11

28.80

5%

32.92

29.72

11%

Income ($ hundreds of thousands)

115

140

(18)%

365

404

(10)%

Gross revenue ($ hundreds of thousands)

41

46

(11)%

117

118

(1)%

1

Uranium common realized worth is calculated because the income from gross sales of uranium focus, transportation and storage charges divided by the quantity of uranium concentrates bought.

2

Gasoline companies common realized worth is calculated as income from the sale of conversion and fabrication companies, together with gasoline bundles and reactor parts, transportation and storage charges divided by the volumes bought.

Govt workforce replace

Grant Isaac has been appointed govt vice-president and retains the chief monetary officer (CFO) perform. Isaac continues to report back to the president and CEO. Previous to this position, Isaac was senior vice-president and CFO. Heidi Shockey has been appointed senior vice-president and deputy CFO and studies to Isaac. Previous to this, Shockey was Cameco’s vice chairman and controller. Each appointments are efficient February 1, 2023.

“I’m happy to acknowledge Grant’s continued glorious contributions to Cameco together with his appointment to govt vice-president. I’m additionally happy to welcome Heidi to the senior govt workforce, who brings intensive monetary experience to her position as deputy CFO,” stated Gitzel. “They’re a part of an exceptionally robust and skilled administration workforce.”

Administration’s dialogue and evaluation (MD&A) and monetary statements

The 2022 annual MD&A and consolidated monetary statements present an in depth rationalization of our working outcomes for the three and twelve months ended December 31, 2022, as in comparison with the identical durations final 12 months, and our outlook for 2023. This information launch must be learn at the side of these paperwork, in addition to our most up-to-date annual info type, all of which can be found on our web site at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.

Certified individuals

The technical and scientific info mentioned on this doc for our materials properties McArthur River/Key Lake, Cigar Lake and Inkai was authorised by the next people who’re certified individuals for the needs of NI 43-101:

MCARTHUR RIVER/KEY LAKE

  • Greg Murdock, basic supervisor, McArthur River, Cameco
  • Daley McIntyre, basic supervisor, Key Lake, Cameco

CIGAR LAKE

  • Lloyd Rowson, basic supervisor, Cigar Lake, Cameco

INKAI

  • Sergey Ivanov, deputy director basic, technical companies, Cameco Kazakhstan LLP

Warning about forward-looking info

This information launch contains statements and details about our expectations for the longer term, which we check with as forward-looking info. Ahead-looking info is predicated on our present views, which might change considerably, and precise outcomes and occasions could also be considerably completely different from what we presently count on.

Examples of forward-looking info on this information launch embrace: our views relating to provide and demand for nuclear energy and its progress throughout the close to, medium and long run; our capability to learn from market fundamentals and alternatives; the sturdiness of progress in our uranium and conversion companies contracting; our capability to function our property sustainably, and our expectations relating to the worth they are going to generate for us; our expectations relating to the affect of a return to a tier-one run fee on our monetary outcomes; our views relating to the affect on the nuclear energy trade of geopolitical occasions and ongoing give attention to local weather disaster; our perception that Cameco is the easiest way to put money into the restoration within the uranium market; the sturdiness of our progress, and our capability to pursue progress and generate full-cycle worth; our contract portfolio technique and skill to keep up publicity to increased costs with unencumbered future productive capability; our provide plans, together with manufacturing ranges at McArthur River/Key Lake, Cigar Lake and Inkai; our capability to broaden manufacturing from our present property, and the manufacturing degree we might obtain by our tier-one enlargement alternatives; the components we are going to think about in making choices relating to increasing manufacturing; the anticipated timing for the finalization of the SE NNEGC Energoatom (Energoatom) provide contract and our expectation that Cameco will present ample volumes of UF6 underneath it to satisfy Ukraine’s full nuclear gasoline wants by 2035; our capability to proceed to be resilient; our views relating to the longer term worth of accelerating our share within the Cigar Lake mine, and our strategic partnership with Brookfield Renewable to amass 100% of Westinghouse; the anticipated timing of the closing of the Westinghouse acquisition; our optimism relating to our position in supporting a transition to a net-zero carbon financial system, and expectations relating to our capability to attain emissions degree reductions inside our anticipated timeframes; our expectation that the Westinghouse acquisition will allow us to increase our attain within the nuclear gasoline cycle; our exploration of different enlargement alternatives within the nuclear gasoline cycle and in non-traditional business makes use of of nuclear energy; our imaginative and prescient of energizing a clean-air world and perception in our technique for doing so in a fashion that displays our values; our views relating to the long-term sustainability of our enterprise; and the anticipated date for announcement of our 2023 first quarter outcomes.

Materials dangers that might result in completely different outcomes embrace: sudden modifications in uranium provide, demand, long-term contracting, and costs; modifications in shopper demand for nuclear energy and uranium because of altering societal views and aims relating to nuclear energy, electrification and decarbonization; the chance that we might not proceed with our provide self-discipline technique; the chance that we might not have the ability to implement modifications to future working and manufacturing ranges for Cigar Lake and McArthur River/Key Lake to the deliberate ranges throughout the anticipated timeframes, or that the prices concerned in doing so, or the prices related to care and upkeep actions, exceed our expectations; the chance that manufacturing ranges at Inkai might not be at anticipated ranges; the chance that our revenues and money flows might not enhance to the extent anticipated; dangers referring to the Energoatom provide contract, together with the chance that it’s going to not be finalized throughout the time or on the phrases anticipated, our capability to produce UF6 underneath the contract, and that the continuation or final result of the battle between the Ukraine and Russia might forestall Cameco from realizing its anticipated advantages; the chance that we might not have the ability to meet gross sales commitments for any purpose; the chance that we might not have the ability to proceed to be resilient or proceed to enhance our monetary efficiency; the dangers to our enterprise related to potential manufacturing disruptions, together with these associated to international provide chain disruptions, international financial uncertainty and political volatility; the chance that we might not have the ability to implement our enterprise aims in a fashion in step with our environmental, social, governance and different values; the chance that the technique we’re pursuing might show unsuccessful, or that we might not have the ability to execute it efficiently; the chance that we might not be profitable in pursuing innovation or implementing superior applied sciences, or realizing the anticipated advantages of the Westinghouse acquisition; and the chance that we could also be delayed in saying our future monetary outcomes.

In presenting the forward-looking info, we have now made materials assumptions which can show incorrect about: uranium demand, provide, consumption, long-term contracting, progress within the demand for and international public acceptance of nuclear vitality, and costs; our manufacturing, purchases, gross sales, deliveries and prices; the market circumstances and different components upon which we have now based mostly our future plans and forecasts; the success of our plans and techniques, together with deliberate working and manufacturing modifications; assumptions relating to the Energoatom provide contract, together with that we’ll attain settlement on last phrases throughout the time and on the phrases anticipated, our capability to produce UF6 underneath the contract, and that we’ll not be prevented from realizing the anticipated advantages of the contract due to the continuation or final result of the battle between Ukraine and Russia; the absence of latest and adversarial authorities rules, insurance policies or choices; that there is not going to be any vital unanticipated adversarial penalties to our enterprise ensuing from manufacturing disruptions, together with these relating to produce disruptions, and financial or political uncertainty and volatility; our capability to understand the anticipated advantages of the Westinghouse acquisition; and our capability to announce future monetary outcomes when anticipated.

Please additionally evaluation the dialogue in our 2022 annual MD&A and most up-to-date annual info type for different materials dangers that might trigger precise outcomes to vary considerably from our present expectations, and different materials assumptions we have now made. Ahead-looking info is designed that can assist you perceive administration’s present views of our near-term and longer-term prospects, and it might not be applicable for different functions. We is not going to essentially replace this info except we’re required to by securities legal guidelines.

Convention name

We invite you to affix our fourth quarter convention name on Thursday, February 9, 2023 at 8:00 a.m. Japanese.

The decision will likely be open to all traders and the media. To hitch the decision, please dial (800) 319-4610 (Canada and US) or (604) 638-5340. An operator will put your name by. The slides and a reside webcast of the convention name will likely be obtainable from a hyperlink at cameco.com. See the hyperlink on our residence web page on the day of the decision.

A recorded model of the proceedings will likely be obtainable:

  • on our web site, cameco.com, shortly after the decision
  • on publish view till midnight, Japanese, March 9, 2023, by calling (800) 319-6413 (Canada and US) or (604) 638-9010 (Passcode 9717)

2023 first quarter report launch date

We plan to announce our 2023 first quarter outcomes earlier than markets open on April 28, 2023.

Profile

Cameco is likely one of the largest international suppliers of the uranium gasoline wanted to energise a clean-air world. Our aggressive place is predicated on our controlling possession of the world’s largest high-grade reserves and low-cost operations. Utilities all over the world depend on our nuclear gasoline merchandise to generate secure, dependable, carbon-free nuclear energy. Our shares commerce on the Toronto and New York inventory exchanges. Our head workplace is in Saskatoon, Saskatchewan.

As used on this information launch, the phrases we, us, our, the Firm and Cameco imply Cameco Company and its subsidiaries except in any other case indicated.

View supply model on businesswire.com: https://www.businesswire.com/information/residence/20230208005877/en/

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Contacts

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com

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