6-K - CCJ - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

Report ofForeign Private Issuer

Pursuant to Rule 13a-16 or15d-16

Under the Securities Exchange Act of 1934

For the month of October, 2021

CamecoCorporation

(Commission file No. 1-14228)

2121-11th Street West

Saskatoon, Saskatchewan, Canada S7M 1J3

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☑

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 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☑

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Exhibit Index

Exhibit No.	Description	Page No.
99.1	Press release dated October 29, 2021
99.2	Management’s discussion and analysis for the quarter ended September 30, 2021
99.3	Condensed consolidated interim unaudited financial statements for the quarter ended September 30, 2021
99.4	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated October 29, 2021
99.5	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated October 29, 2021

SIGNATURE

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.

Date: October 29, 2021	Cameco Corporation
	By:	“Sean A.Quinn”
		Sean A. Quinn
		Senior Vice-President, Chief Legal Officer and Corporate Secretary

EX-99.1

Exhibit 99.1

TSX: CCO<br> <br>NYSE: CCJ	website: cameco.com<br><br><br>currency: Cdn (unless noted)

2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada

Tel: 306-956-6200 Fax: 306-956-6201

Cameco reports third quarter results and the continued execution of its strategy to supportglobal clean-air transition

Saskatoon, Saskatchewan, Canada, October 29, 2021.. . . . . . . . . . .. . . . . . .

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2021 in accordance with International Financial Reporting Standards (IFRS).

“Our third quarter results were as expected and reflect the continued execution of our strategy and the proactive decisions to suspend production to protect the health and safety of our workers, their families and their communities,” said Tim Gitzel, Cameco’s president and CEO. “With McArthur River and Key Lake in care and maintenance, we are not at the regular tier-one run rate of our business. However, we are positioning to capture long-term value: to respond to the growing need for uranium to generate safe, clean, reliable, and affordable electricity.

“The recent increase in the uranium spot price – about 46% since the end of June, demonstrates the thinning of uncommitted primary supply as unexpected demand from junior uranium companies and financials has led to increased liquidity and better price discovery, a welcome development. As a result, we are beginning to see utility interest in on-market contract activity as their focus shifts to securing material for their uncovered requirements, which has resulted in an increase of almost 28% in the long-term price since the end of June as well. Increasing uranium prices are positive for us. Over time, the market exposure in our contract portfolio will pick up the benefit of rising prices and we will be layering in new contracts with pricing mechanisms that will underpin the long-term operation of our productive capacity. This is why we remain committed to our strategy. We have taken our production well below our sales commitments and will continue to align our production decisions with the market fundamentals, we will continue to be strategically patient with contracting, and we will continue to conservatively manage our balance sheet.

“Thanks to the deliberate actions we have taken, we have the financial strength to support our strategy and allow us to self-manage risk. Again, we ended the quarter with negative net debt, we had about $1.4 billion in cash compared to our long-term debt of $1 billion.

“Our strategy has positioned us well to take advantage of the positive long-term fundamentals for nuclear power. Globally, we see demand for both traditional and non-traditional uses of nuclear power growing as the increasing focus on electrification while phasing out carbon intensive sources of energy continues to take hold.

“Our vision of ‘energizing a clean-air world’ recognizes that we have an important role to play in enabling the vast reductions in greenhouse gas emissions required to accomplish the targets being set by countries and companies around the world to achieve a resilient, net-zero carbon economy. We have operating and idle tier-one assets that are licensed, permitted, long-lived, and are proven reliable that have expansion capacity. These tier-one assets are backed up by idle tier-two assets and what we think is the best exploration portfolio that leverages existing infrastructure. We are vertically integrated across the nuclear fuel cycle. We have locked in significant value for our fuel services segment of our business in the recent price transition in the conversion market and we are exploring opportunities to further our reach in the nuclear fuel cycle and in innovative, non-traditional commercial uses of nuclear power in Canada and around the world.

“We are optimistic about Cameco’s role in capturing long-term value across the fuel chain and supporting the transition to a net-zero carbon economy. We believe we have the right strategy to achieve our vision and we will do so in a manner that reflects our values. For over 30 years, we have been delivering our products responsibly. Sustainability is at the heart of what we do. Embedded in all our decisions is a commitment to addressing the environmental, social and governance risks and opportunities that we believe will make our business sustainable over the long term.”

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•	Q3 net loss of $72 million; Q3 adjusted net loss of $54 million: Results are driven by<br>normal quarterly variations in contract deliveries and the continued execution of our strategy. Adjusted net earnings is a non-IFRS measure, see page 3.
•	Outlook updated: Due to some supply constraints experienced, we have reduced our forecast for fuel<br>services production for the year. We have updated our 2021 consolidated outlook, including for our fuel services segment. See Outlook for 2021 in our third quarter MD&A.
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•	Contracting continues:<br>Year-to-date we have placed over 20 million pounds U3O8<br>under long-term contracts. Contracting is undertaken in accordance with the framework outlined in the Strategy in action section of our third quarter MD&A and is not tied to a year-end or quarter-end.
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•	Dividend: An annual dividend of $0.08 per common share has been declared, payable on December 15,<br>2021 to shareholders of record on November 30, 2021. The decision to declare an annual dividend by our board is based on our cash flow, financial position, strategy, and other relevant factors including appropriate alignment with the cyclical<br>nature of our earnings.
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•	Tax dispute: **** We have filed a notice of appeal with the Tax Court of Canada (Tax Court). We are<br>asking it to order the reversal of Canada Revenue Agency’s (CRA) transfer pricing adjustment and the return of the $777 million in cash and letters of credit we have paid or secured for the tax years 2007 through 2013, with costs, and in<br>accordance with the law as determined by the unequivocal decisions received for the 2003, 2005 and 2006 tax years. We are challenging the reassessments issued by CRA for those years on the basis that the Tax Court would reject any attempt by CRA to<br>use the same or similar positions and arguments for those subsequent years being disputed. See Tax Dispute in our third quarter MD&A.
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•	Strong balance sheet: As of September 30, 2021, we had $1.4 billion in cash and short-term<br>investments and $1.0 billion in long-term debt. In addition, we have a $1 billion undrawn credit facility. During the quarter we extended the maturity date on our credit facility to October 1, 2025. We expect our cash balances and<br>operating cash flows to meet our capital requirements during 2021, therefore, we do not anticipate drawing on our credit facility this year.
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•	Environment, Social and Governance (ESG): In October we released our 16^th^ annual ESG report. The 2020 ESG report adopts relevant ESG performance indicators issued by the Sustainability Accounting Standards Board and addresses some of the Task Force on Climate-Related<br>Financial Disclosures recommendations. We expect to continue to progress our ESG reporting.
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•	Clean-energy innovation: We have announced the signing of several **** memorandums of understanding to<br>explore areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.
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Consolidated financial results

							NINE MONTHS
CONSOLIDATED HIGHLIGHTS<br>( MILLIONS EXCEPT WHERE INDICATED)							ENDED SEPTEMBER 30
		2020		CHANGE			2021		2020		CHANGE
Revenue	361		379		(5)	%	****	1,010		1,250		(19)	%
Gross loss	(26)		(24)		(8)	%	****	(54)		(2)		>(100)	%
Net losses attributable to equity holders	(72)		(61)		(18)	%	****	(114)		(133)		14	%
per common share (basic)	(0.18)		(0.15)		(21)	%	****	(0.29)		(0.34)		15	%
per common share (diluted)	(0.18)		(0.15)		(21)	%	****	(0.29)		(0.34)		15	%
Adjusted net losses (non-IFRS, see page 3)	(54)		(78)		31	%	****	(121)		(114)		(6)	%
per common share (adjusted and diluted)	(0.14)		(0.20)		30	%	****	(0.30)		(0.29)		(3)	%
Cash provided by (used in) operations (after working capital changes)	203		(66)		>100	%	****	399		(200)		>100	%

All values are in US Dollars.

The financial information presented for the three months and nine months ended September 30, 2020 and September 30, 2021 is unaudited.

- 2 -

NET EARNINGS

The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see page 3) in the third quarter and first nine months of 2021, compared to the same period in 2020.

CHANGES IN EARNINGS<br>( MILLIONS)						NINE MONTHS ENDED<br>SEPTEMBER 30
			ADJUSTED			IFRS			ADJUSTED
Net losses – 2020	(61	)	****	(78	)	****	(133	)	****	(114	)
Change in gross profit by segment
(We calculate gross profit by deducting from revenue the cost of products and<br>services sold, and depreciation and amortization (D&A))
Uranium	—			—			12			12
	(14	)		(14	)		(3	)		(3	)
	(17	)		(17	)		(60	)		(60	)
	35			35			(5	)		(5	)
	4	****	****	4	****	****	(56	)	****	(56	)
Fuel services	1			1			(2	)		(2	)
	(2	)		(2	)		12			12
	(1	)		(1	)		(2	)		(2	)
	(2	)	****	(2	)	****	8	****	****	8	****
Lower (higher) administration expenditures	(10	)		(10	)		10			10
Lower (higher) exploration expenditures	(1	)		(1	)		2			2
Change in reclamation provisions	9			—			42			—
Higher earnings from equity-accounted investee	8			8			15			15
Change in gains or losses on derivatives	(37	)		20			12			22
Change in foreign exchange gains or losses	23			23			(20	)		(20	)
Canadian Emergency Wage Subsidy in 2021	—			—			21			21
Change in income tax recovery or expense	(3	)		(16	)		(4	)		2
Other	(2	)		(2	)		(11	)		(11	)
Net losses – 2021	(72	)	****	(54	)	****	(114	)	****	(121	)

All values are in US Dollars.

Adjusted net earnings (non-IFRS measure)

Adjusted net earnings (ANE) is a measure that does not have a standardized meaning or a consistent basis of calculation under IFRS (non-IFRS measure). We use this measure as a meaningful way to compare our financial performance from period to period. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to reflect the underlying financial performance for the reporting period. The adjusted earnings measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period and has also been adjusted for reclamation provisions for our Rabbit Lake and US operations, which had been impaired, and income taxes on adjustments.

Adjusted net earnings is non-standard supplemental information and should not be considered in isolation or as a substitute for financial information prepared according to accounting standards. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies.

The following table reconciles adjusted net earnings with net earnings for the third quarter and first nine months of 2021 and compares it to the same periods in 2020.

	THREE MONTHS						NINE MONTHS
	ENDED SEPTEMBER 30						ENDED SEPTEMBER 30
($ MILLIONS)	2021			2020			2021			2020
Net losses attributable to equity holders	****	(72	)		(61	)	****	(114	)		(133	)
Adjustments
Adjustments on derivatives	****	26	****		(31	)	****	8	****		(2	)
Reclamation provision adjustments	****	(2	)		7		****	(18	)		24
Income taxes on adjustments	****	(6	)		7		****	3	****		(3	)
Adjusted net losses	****	(54	)		(78	)	****	(121	)		(114	)

Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 8 of our interim financial statements for more information. This amount has been excluded from our adjusted net earnings measure.

Selected segmented highlights

							NINE MONTHS
							ENDED SEPTEMBER 30
HIGHLIGHTS			2020		CHANGE		2021		2020		CHANGE
Uranium	Production volume (million lbs)	2.0		0.2		>100%	****	3.3		2.3		43%
	Sales volume (million lbs)	6.7		6.7		—	****	17.9		22.1		(19)%
	Average realized price	32.20		33.77		(5)%	****	32.68		32.79		—
		40.20		44.85		(10)%	****	40.95		44.45		(8)%
	Revenue ( millions)	270		302		(11)%	****	732		980		(25)%
	Gross loss ( millions)	(30)		(34)		12%	****	(119)		(62)		(92)%
Fuel services	Production volume (million kgU)	1.4		2.0		(30)%	****	9.0		8.4		7%
	Sales volume (million kgU)	3.0		2.8		7%	****	8.7		9.2		(5)%
	Average realized price	26.42		26.95		(2)%	****	30.24		28.66		6%
	Revenue ( millions)	80		77		4%	****	264		263		—
	Gross profit ( millions)	10		12		(17)%	****	73		65		12%

All values are in US Dollars.

Management’s discussion and analysis and financial statements

The third quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and nine months ended September 30, 2021, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2020, first quarter, second quarter and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.

Caution about forward-looking information

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 goal of positioning to capture long-term value by responding to the growing need for uranium; our views regarding reducing levels of uncommitted primary supply; our belief that utilities are shifting their focus to securing material for their uncovered requirements; our expectation that over time the market exposure in our portfolio will benefit from rising prices, and that new contracts will contain pricing mechanisms that are favourable to us; our goal of continuing to align production decisions with market fundamentals and to manage our contracting and balance sheet appropriately; our views regarding our financial strength and ability to self-manage risk; our belief in the positive long-term fundamentals, and growing demand, for nuclear power and that we are well positioned to take advantage of them; our view of the importance of our role in reducing greenhouse gas emissions; the reliability and expansion capacity of our tier-one assets and the quality of our exploration portfolio; our efforts to further our reach in the nuclear fuel cycle and innovative uses of nuclear power; our optimism regarding our ability and the success of our strategy to capture long-term value across the fuel chain and support a transition to a net-zero carbon economy; our commitment to addressing environmental, social and governance risks and opportunities, and our expectation to progress our ESG reporting; and our efforts to explore areas of cooperation with other parties to advance the commercialization of small modular reactors.

Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and reducing greenhouse gas emissions; the risk that we may not be as successful as we expect to be in responding to the growing need for uranium; our expectations regarding the fundamentals and demand for nuclear power, the levels of uncommitted primary supply, the shifting focus of utilities and our ability to take advantage of them may prove to be incorrect; our portfolio may not realize the expected benefits of rising uranium prices and we may not be successful in our contracting strategy; we may not have the expected degree of financial strength and ability to self-manage risk; our tier-one assets and exploration portfolio may not have the expected levels of reliability or expansion capacity; we may be unsuccessful in furthering our reach in the nuclear fuel cycle, or in pursuing innovative uses of nuclear power, or capturing value from a transition to a net-zero carbon economy; we may face unexpected challenges in addressing environmental, social and governance risks and opportunities; the risk of a major accident at a nuclear power plant, or changes in government regulations or policies; the risk of litigation or arbitration claims or appeals against us that have an adverse outcome; our estimates and forecasts may prove to be incorrect; our efforts to explore areas of cooperation with other parties to advance the commercialization of small modular reactors may prove unsuccessful; and****our appeal of the reassessments issued by CRA for the 2007-2013 tax years may be delayed, or unsuccessful in reversing CRA’s transfer pricing adjustment.

In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium supply, demand, long-term contracting, prices and fundamentals; societal views and objectives regarding nuclear power, electrification and reducing greenhouse gas emissions; the growing need for uranium and our ability to respond to it; levels of uncommitted supply; the strength of our asset portfolio and contracting strategy, and our financial strength; our ability to expand into additional areas of the nuclear fuel cycle and pursue innovative uses of nuclear power; our ability to address ESG risks and opportunities successfully; the absence of any significant nuclear accidents, or changes in regulation or policy; that we do not become subject to any significant litigation or arbitration claims against us that have an adverse outcome; the market conditions and other factors upon which we have based our future plans and forecasts; our ability to work with other parties to advance the commercialization of small modular reactors; and **** our ability to appeal the reassessments issued by CRA for the 2007-2013 tax years successfully.

Forward-looking information is designed to help you understand management’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.

Conference call

We invite you to join our third quarter conference call on Friday, October 29, 2021, at 8:00 a.m. Eastern.

The call will be open to all investors and the media. To join the call, please dial 1-800-319-4610 (Canada and US) or 1-604-638-5340. An operator will put your call through. The slides and 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, November 29, 2021, by calling 1-800-319-6413 (Canada and US) or 1-604-638-9010<br>(Passcode 7673)
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2021 fourth quarter and annual report release date

We plan to announce our **** 2021 fourth quarter and annual consolidated financial and operating results before markets open on February 9, 2022. Announcement dates are subject to change.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost 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.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

End -

Investor inquiries:

Rachelle Girard

306-956-6403

rachelle_girard@cameco.com

Media inquiries:

Jeff Hryhoriw

306-385-5221

jeff_hryhoriw@cameco.com

EX-99.2

Exhibit 99.2

LOGO

Management’s discussion and analysis

for the quarter ended September 30, 2021

5	OUR STRATEGY
7	THIRD QUARTER MARKET UPDATE
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10	CONSOLIDATED FINANCIAL RESULTS
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15	OUTLOOK FOR 2021
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18	LIQUIDITY AND CAPITAL RESOURCES
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20	FINANCIAL RESULTS BY SEGMENT
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23	OUR OPERATIONS - THIRD QUARTER UPDATES
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25	QUALIFIED PERSONS
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25	ADDITIONAL INFORMATION
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This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our unaudited condensed consolidated interim financial statements and notes for the quarter ended September 30, 2021 (interim financial statements). The information is based on what we knew as of October 28, 2021 and updates our first quarter, second quarter and annual MD&A included in our 2020 annual report.

As you review this MD&A, we encourage you to read our interim financial statements as well as our audited consolidated financial statements and notes for the year ended December 31, 2020 and annual MD&A. You can find more information about Cameco, including our audited consolidated financial statements and our most recent annual information form, on our website at cameco.com, on SEDAR at sedar.com or on EDGAR at sec.gov. You should also read our annual information form before making an investment decision about our securities.

The financial information in this MD&A and in our financial statements and notes are prepared according to International Financial Reporting Standards (IFRS), unless otherwise indicated.

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.

Throughout this document, the terms we, us, our and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

Caution about forward-looking information

Our MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States (US) securities laws. We refer to them in this MD&A as forward-looking information.

Key things to understand about the forward-looking information in this MD&A:

•	It typically includes words and phrases about the future, such as: anticipate, believe, estimate, expect, plan,<br>will, intend, goal, target, forecast, project, strategy and outlook (see examples below).
•	It represents our current views and can change significantly.
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•	It is based on a number of material assumptions, including those we have listed starting on page 3, which<br>may prove to be incorrect.
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•	Actual results and events may be significantly different from what we currently expect, due to the risks<br>associated with our business. We list a number of these material risks below. We recommend you also review our annual information form, first quarter, second quarter and annual MD&A, which includes a discussion of other materialrisks that could cause actual results to differ significantly from our current expectations.
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•	Forward-looking information is designed to help you understand management’s current views of our near- and<br>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.
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Examples of forward-looking information in this MD&A

• the discussion under the heading Our strategy, including for uranium production, purchases and contracting, expected benefits to us associated with a restart of our tier-one assets, about our vision and involvement in the nuclear fuel cycle, our ability to self-manage risk and to address environmental, social and governance risks and opportunities, and our ambition to reach net-zero greenhouse gas emissions • the discussion under the heading Strategy in action, including our ability to self-manage risk, expected financial capacity to execute our strategy, views on uranium supply, demand, contracting, deliveries, and creating long-term value, and meeting customers’ delivery needs • the discussion under the heading Our response to Coronavirus (COVID-19), including priority on employee health and safety in our plans, and our intention to continue to monitor developments related to the COVID-19 pandemic and to take a measured approach • our expectations about 2021 and future global uranium supply, demand, consumption and the role of nuclear power and its growth profile, including the discussion under the heading Third quarter market update • the discussion of our expectations relating to our Canada Revenue Agency (CRA) transfer pricing dispute, including our expectations regarding receiving refunds and payment of disbursements from CRA, our confidence that the courts would reject any attempt by CRA to utilize the same or similar positions for other tax years currently in dispute, and our belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by us

• the discussion under the heading Outlook for 2021, including expected business resiliency, expectations for 2021 average unit cost of sales, average realized price per pound, average purchase price per pound, deliveries and production, 2021 financial outlook, our revenue, adjusted net earnings and cash flow sensitivity, and our price sensitivity analysis for our uranium segment • the discussion under the heading Liquidity and capital resources, including expected liquidity to meet our 2021 obligations and our expectations for our uranium contract portfolio to provide a solid revenue stream • our expectation that our operating and investment activities for the remainder of 2021 will not be constrained by the financial-related covenants in our unsecured revolving credit facility • life of mine operating cost estimates for the Cigar Lake and Inkai operations • our future plans and expectations for each of our uranium operating properties and fuel services operating sites • our expectations related to care and maintenance costs

2CAMECO CORPORATION ****

Material risks

• actual sales volumes or market prices for any of our products or services are lower than we expect for any reason, including changes in market prices, loss of market share to a competitor, trade restrictions or the impact of the COVID-19 pandemic • we are adversely affected by changes in currency exchange rates, interest rates, royalty rates or tax rates • our production costs are higher than planned, or our cost reduction strategies are unsuccessful, or necessary supplies are not available, or not available on commercially reasonable terms • our strategies may change, be unsuccessful or have unanticipated consequences • changing views of governments and companies, including Cameco, regarding the pursuit of strategies to reduce greenhouse gas emissions • risks relating to the development and use of new technology or lack of appropriate technology needed to advance our ambition to reach net-zero greenhouse gas emissions • our estimates and forecasts prove to be inaccurate, including production, purchases, deliveries, cash flow, revenue, costs, decommissioning, reclamation expenses, or receipt of future dividends from JV Inkai • we are unable to enforce our legal rights under our agreements, permits or licences • we are subject to litigation or arbitration that has an adverse outcome • that we may not receive expected refunds and payments from CRA • that the courts may accept the same, similar or different • positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years • the possibility of a materially different outcome in disputes with CRA for other tax years • that CRA does not agree that the court rulings for the years that have been resolved in Cameco’s favour should apply to subsequent tax years • that CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured in a timely manner, or at all • there are defects in, or challenges to title, to our properties • our mineral reserve and resource estimates are not reliable, or there are unexpected or challenging geological, hydrological or mining conditions • we are affected by environmental, safety and regulatory risks, including workforce health and safety or increased regulatory burdens or delays resulting from the COVID-19 pandemic or other causes • necessary permits or approvals from government authorities cannot be obtained or maintained

• we are affected by political risks • we are affected by terrorism, sabotage, blockades, civil unrest, social or political activism, outbreak of illness (such as a pandemic like COVID-19), accident or a deterioration in political support for, or demand for, nuclear energy • we may be unable to successfully manage the current environment resulting from the COVID-19 pandemic and its related operational, safety, marketing or financial risks successfully, including the risk of significant disruptions to our operations, workforce, required supply or services, and ability to produce, transport and deliver uranium • a major accident at a nuclear power plant • we are impacted by changes in the regulation or public perception of the safety of nuclear power plants, which adversely affect the construction of new plants, the relicensing of existing plants and the demand for uranium • government laws, regulations, policies or decisions that adversely affect us, including tax and trade laws and sanctions on nuclear fuel imports • our uranium suppliers or purchasers fail to fulfil their commitments • our Cigar Lake development, mining or production plans are delayed or do not succeed for any reason • the McClean Lake’s mill production plan is delayed or does not succeed for any reason • the restriction in supply of hydrogen to our Port Hope conversion facility is not resolved in the fourth quarter of 2021 • water quality and environmental concerns could result in a potential deferral of production and additional capital and operating expenses required for the Cigar Lake operation • JV Inkai’s development, mining or production plans are delayed or do not succeed for any reason • our expectations relating to care and maintenance costs prove to be inaccurate • we are affected by natural phenomena, including inclement weather, forest fires, floods and earthquakes • operations are disrupted due to problems with our own or our suppliers’ or customers’ facilities, the unavailability of reagents, equipment, operating parts and supplies critical to production, equipment failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, fires, underground floods, cave-ins, ground movements, tailings dam failures, transportation disruptions or accidents, unanticipated consequences of our cost reduction strategies, or other development and operating risks

2021 THIRD QUARTER REPORT3

Material assumptions

• our expectations regarding sales and purchase volumes and prices for uranium and fuel services, trade restrictions and that counterparties to our sales and purchase agreements will honour their commitments • our expectations regarding spot prices and realized prices for uranium, and other factors discussed under the heading Price sensitivity analysis: uranium segment • that the construction of new nuclear power plants and the relicensing of existing nuclear power plants are not more adversely affected than expected by changes in regulation or in the public perception of the safety of nuclear power plants • our ability to continue to supply our products and services in the expected quantities and at the expected times • our expected production levels for Cigar Lake, JV Inkai and our fuel services operating sites • our cost expectations, including production costs, operating costs, capital costs and the success of our cost reduction strategies • our expectations regarding tax payments, royalty rates, currency exchange rates and interest rates • our entitlement to and ability to receive expected refunds and payments from CRA • in our dispute with CRA that courts will reach consistent decisions for other tax years that are based upon similar positions and arguments • that CRA will not successfully advance different positions and arguments that may lead to different outcomes for other tax years • our expectation that we will recover all or substantially all of the amounts paid or secured in respect of the CRA dispute to date • our understanding of the geological, hydrological and other conditions at our uranium properties

• our decommissioning and reclamation estimates, including the assumptions upon which they are based, are reliable • our mineral reserve and resource estimates, and the assumptions upon which they are based, are reliable • our Cigar Lake development, mining and production plans succeed • the McClean Lake mill is able to process Cigar Lake ore as expected • JV Inkai’s development, mining and production plans succeed • the ability of JV Inkai to pay dividends • the restriction in supply of hydrogen to our Port Hope conversion facility ceases in the fourth quarter of 2021 • that care and maintenance costs will be as expected • our and our contractors’ ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain required regulatory approvals • our expectations for the nuclear industry, including its growth profile, market conditions and the demand for and supply of uranium • the continuing pursuit of greenhouse gas emission reduction strategies by governments and companies, including Cameco, and the role of nuclear in the pursuit of those strategies • the availability or development of technologies needed to achieve our ambition to reach net-zero greenhouse gas emissions • our operations are not significantly disrupted as a result of political instability, nationalization, terrorism, sabotage, blockades, civil unrest, breakdown, natural disasters, forest or other fires, outbreak of illness (such as a pandemic like COVID-19), governmental or political actions, litigation or arbitration proceedings, the unavailability of reagents, equipment, operating parts and supplies critical to production, labour shortages, labour relations issues, strikes or lockouts, underground floods, cave-ins, ground movements, tailings dam failure, lack of tailings capacity, transportation disruptions or accidents, unanticipated consequences of our cost reduction strategies, or other development or operating risks

4CAMECO CORPORATION ****

Our strategy

We are a pure-play nuclear fuel supplier, focused on providing a clean source of energy and taking advantage of the long-term growth we see coming in our industry. Our strategy is to focus on our tier-one assets and profitably produce at a pace aligned with market signals in order to preserve the value of those assets and increase long-term value, and to do that with an emphasis on safety, people and the environment.

We have been executing our strategy on three fronts – operational, marketing and financial. Currently, our financial results reflect the strategic decisions we have made and the costs associated with those decisions, not our tier-one cost structure. However, we believe the steps we are taking, including the investment in digital and automation technologies will assist us in creating a more flexible asset base. This flexibility would allow us to align our overall production decisions with our contract portfolio commitments and opportunities once the conditions for the restart of our tier-one assets are met. Upon the restart of production, the care and maintenance costs we incur while our tier-one assets are suspended would be eliminated, enabling us to benefit from the favourable life-of-mine economics these assets provide. We have been patient undertaking a number of deliberate and disciplined actions: we have cut production below our committed sales level, we have been purchasing material on the spot market to meet our sales commitments, we have been protecting and extending the value of our contract portfolio securing a home for our future tier-one production, and we are prudently managing the company. As a result, our balance sheet is strong, and we are well-positioned to create long-term value while self-managing risk.

Our vision – “Energizing a clean-air world” – recognizes that we have an important role to play in enabling the vast reductions in global greenhouse gas emissions required to achieve a resilient net-zero carbon economy. We are vertically integrated across the nuclear fuel cycle. Our uranium and fuel services products are used around the world in the generation of safe, carbon-free, affordable, base-load nuclear energy. In addition, we are exploring other emerging and non-traditional opportunities within the fuel cycle, which align well with our commitment to responsibly and sustainably manage our business and increase our contributions to global climate change solutions, such as our investment in Global Laser Enrichment LLC and the memorandums of understanding we have signed to explore several areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.

We believe we have the right strategy to achieve our vision and we will do so in a manner that reflects our values. For over 30 years, we have been delivering our products responsibly. Building on that strong foundation, we remain committed to our efforts to transform our own, already low, greenhouse gas footprint in our ambition to reach net-zero emissions, and identifying and addressing the environmental, social and governance (ESG) risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders.

You can read more about our strategy in our 2020 annual MD&A and our approach to ESG in our 2020 ESG report.

Strategy in action

In the current environment, we believe the risk to uranium supply is greater than the risk to uranium demand and expect it will create a renewed focus on ensuring availability of long-term supply to fuel nuclear reactors. Over time, we expect this renewed focus on security of supply will provide the market signals producers need and will help offset any near-term costs we may incur as a result of the recent disruptions to our business.

Our utility customers’ nuclear power plants continue to be part of the critical infrastructure needed to guarantee the availability of 24-hour electricity to run hospitals, care facilities and other essential services. Our customers are going to need uranium. As a reliable, independent, commercial supplier, we will continue to work with our customers to help meet their delivery needs. And, year-to-date we have finalized and executed over 20 million pounds U3O8 in long-term sales contracts which had been under negotiation.

2021 THIRD QUARTER REPORT5

As we continue to build our contract portfolio, the primary driver for our contracting activity is value. In the uranium market, the spot market is not the fundamental market. Historically, most uranium has been bought under long-term contracts. We recognize that in our business real value is created by building a long-term contract portfolio that supports the operation of our productive assets, is leveraged to greater returns as prices increase, and provides downside protection. Therefore, to create long-term value, we manage our contract portfolio with a long-term view, layering in volumes over time and in accordance with market conditions. Currently, our preference is for market-related pricing mechanisms however there are other factors we consider including, the duration of the contract, volumes, product form, region and customer to ensure we have a diversified portfolio. In this environment, contracts may contain hybrid pricing mechanisms, a mix of fixed-price (escalated to the time of delivery) and market-related, that reflect current market conditions. As the market improves, we expect to continue to layer in volumes capturing greater upside using market-related pricing mechanisms. We also expect to lock in value at higher prices to carry that value through the next price cycle, always with a view to our preference for a contract portfolio with a 60/40 split of market-related and fixed priced contracts.

Thanks to the disciplined execution of our strategy on all three fronts – operational, marketing and financial – we expect to have the financial capacity to execute our strategy. As of September 30, 2021, we had $1.4 billion in cash and short-term investments and $1.0 billion in long-term debt. In addition, we have a $1.0 billion undrawn credit facility.

We expect our cash balances and operating cash flows to meet our capital requirements during 2021. Our balance sheet remains strong, and we believe we are well positioned to self-manage risk. With the Supreme Court of Canada’s dismissal of Canada Revenue Agency’s (CRA) application for leave, the dispute for the 2003 through 2006 tax years is fully and finally resolved in our favour. Furthermore, we are confident the courts would reject any attempt by CRA to utilize the same or similar positions and arguments for the other tax years currently in dispute (2007 through 2014) and believe CRA should return the $777 million in cash and letters of credit we have been required to pay or otherwise secure for those years. However, timing of any further payments is uncertain.

Our response to Coronavirus (COVID-19)

We continue to closely monitor the developments related to the COVID-19 pandemic. The situation continues to evolve, and our priority is to protect the health and well-being of our workers, their families and their communities. We activated our Corporate Crisis Management Plan, which includes our Pandemic Plan, and our various Local and Corporate Business Continuity Plans. Our Pandemic Plan and Local and Corporate Business Continuity Plans continue to be in effect across our global operations.

Following the precautions and restrictions enacted by all levels of government where we operate and considering the unique circumstances at each of our operating sites, we proactively implemented a number of measures and made a number of decisions to ensure a safe working environment for all our workers and help slow down the spread of the virus. In addition to the safety protocols we put in place, we:

•	asked employees at corporate office to work remotely from home
•	asked that all meetings be conducted by phone or videoconference where possible
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•	suspended all business travel
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•	restricted non-essential contractors, visitors and deliveries at all<br>locations
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•	suspended work on the Vision in Motion (VIM) project in Port Hope
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•	suspended production at Cigar Lake in March 2020, in conjunction with Orano for about five months and for a<br>second time in December 2020 for about four months
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•	suspended production, in April 2020, at the Port Hope UF6<br>conversion facility and at the Blind River refinery for about four weeks
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•	did not implement any temporary layoffs as a result of disruptions to our business – employees were provided<br>with paid leaves of absence and vacation time was utilized to deal with the various pandemic impacts
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•	set up and awarded COVID-19 Relief Funds totaling $1.25 million to<br>support our northern Saskatchewan and Ontario communities impacted by the virus
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•	introduced a mandatory vaccine requirement across our operations and offices
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6CAMECO CORPORATION ****

The proactive decisions we have made to protect our workers and to help slow down the spread of the COVID-19 virus are necessary decisions that are consistent with our values. The health and safety of our workers, their families and their communities continue to be the priority in all our plans, which will align with the guidance of the relevant health authorities where we operate.

In April 2021, production at the Cigar Lake mine resumed. As a result of the temporary production suspension at Cigar Lake, until its restart in mid-April, we incurred $40 million in care and maintenance costs. Even while production was suspended, we kept and continued to pay all our employees. Partially offsetting these additional costs was the receipt of $21 million year-to-date under the Canada Emergency Wage Subsidy program.

We continue to take a measured approach. Planning is underway for a hybrid working model for those employees at our corporate and division head offices who are currently working from home.

The COVID-19 pandemic has disrupted global uranium production adding to the supply curtailments that have occurred in the industry for many years. The duration and extent of these disruptions and risk of additional disruptions are still not fully known.

Third quarter market update

During the third quarter, the uranium spot price appreciated quickly, briefly exceeding $50 (US) per pound U3O8 for the first time since 2012, before closing out the quarter at about $43 (US) per pound U3O8 but still up over 30% from the end of June. This movement was largely attributed to the spot purchases made by Sprott Asset Management LP (Sprott). The recent activity from financial funds and other junior uranium companies has helped to improve the near-term uranium fundamentals. This has occurred while government-driven trade policies and the COVID-19 pandemic continue to negatively impact security of supply in our industry. In addition to the decisions many producers, including the lowest-cost producers, have made to preserve long-term value by leaving uranium in the ground, there have been unplanned supply disruptions related to the impact of the COVID-19 pandemic on uranium mining and processing activities. Adding to security of supply concerns is the role of commercial and state-owned entities in the uranium market, and trade policies that highlight the disconnect between where uranium is produced and where it is consumed. Nearly 80% of primary production is in the hands of state-owned enterprises, after taking into account the cuts to primary production that have occurred over the last several years. Furthermore, about 80% of primary production comes from countries that consume little-to-no uranium, and 90% of uranium consumption occurs in countries that have little-to-no primary production. As a result, government-driven trade policies can be particularly disruptive for the uranium market.

The demand gap left by forced and premature nuclear reactor shutdowns since March of 2011 was filled in 2018. According to the International Atomic Energy Agency (IAEA), there are currently 442 reactors operating globally and 51 reactors under construction. With a number of reactor construction projects recently approved, and many more planned, the demand for uranium is growing. This growth is largely occurring in Asia and the Middle East. Some of this growth is tempered by early reactor retirements, plans for reduced reliance on nuclear or phase-out policies in other regions. However, there is growing recognition of the role nuclear power must play in providing safe, reliable, affordable carbon-free baseload electricity and achieving a low-carbon economy. Further evidence of the important role for nuclear in the clean energy transition is the ongoing energy crisis due to natural gas shortages and soaring prices. Momentum is also building for non-traditional commercial uses of nuclear power such as the development of small modular reactors (SMRs) and advanced reactors, with numerous companies and countries pursuing projects. Longer term, these projects have the potential to open up new fuel cycle opportunities and demand for uranium. In the medium-term, reactor life extensions are adding demand and in the near-term unplanned demand has come from junior uranium companies and financial funds purchasing in the spot market. Policy decisions to support the continued operation of existing reactors also have the potential to increase near-term demand. Some of the more significant developments affecting demand in the quarter and to date are:

•	On August 5^th^, on behalf of the Sprott Physical Uranium<br>Trust (SPUT), Sprott issued an At-The-Market (ATM) program allowing it to sell discretionary shares and use the proceeds to purchase U3O8. The initial limit was for up to $300 million (US), and on September 9^th^, Sprott<br>increased the ATM program limit to $1.3 billion (US). As of October 26^th^, the fund had raised approximately $730 million (US) and purchased over 16 million pounds U3O8.
•	On October 18^th^, Kazatomprom (KAP) announced their 48.5%<br>initial investment into a privately-held physical uranium fund for $50 million (US). The fund has a projected second stage of development to raise up to an additional $500 million (US), through either a public or private offering.<br>
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•

On August 5^th^, on behalf of the Sprott Physical Uranium Trust (SPUT), Sprott issued an At-The-Market (ATM) program allowing it to sell discretionary shares and use the proceeds to purchase U3O8. The initial limit was for up to $300 million (US), and on September 9^th^, Sprott increased the ATM program limit to $1.3 billion (US). As of October 26^th^, the fund had raised approximately $730 million (US) and purchased over 16 million pounds U3O8.

•

On October 18^th^, Kazatomprom (KAP) announced their 48.5% initial investment into a privately-held physical uranium fund for $50 million (US). The fund has a projected second stage of development to raise up to an additional $500 million (US), through either a public or private offering.

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2021 THIRD QUARTER REPORT7

•	On August 20^th^, Denison filed a prospectus to raise<br>$250 million (US), stating that some of the funds could be used for the purchase of U3O8. On September 28^th^, the company then announced an ATM program along with Cantor Fitzgerald Canada Corporation for up to $50 million (US).
•	On October 26^th^, Yellow Cake plc announced its intention to<br>raise approximately $150 million (US) and use the proceeds to fund the purchase of approximately 3 million pounds U3O8.<br>Approximately 2 million pounds U3O8 are to be purchased from Curzon Uranium Limited and 1 million pounds U3O8 from KAP.
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•	Through late-October this year, more than an estimated $2 billion (US) has been announced for uranium<br>purchases via junior uranium companies and financial funds including Sprott, though a portion of this total has not yet been raised and a portion has not yet been spent. To date, over 34 million pounds U3O8 have been purchased with the proceeds.
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•	The IAEA increased its projections for nuclear out to 2050 for the first time since 2011. This includes nuclear<br>generating capacity doubling to 792 GWe, from 393 GWe in 2020, which represents a 10% increase over the prior forecast.
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•	The 2021 World Nuclear Association (WNA) Nuclear Fuel Report was released in September and includes numerous<br>positive developments for the industry. The prospects for nuclear continue to grow with many countries now targeting net-zero carbon emission. Growth is projected at around 2.6% annually through 2040, with<br>China making the most notable impact to higher demand projections post 2030. On the supply side, production through 2025 declined significantly relative to the previous report from 2019.
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•	In the United Arab Emirates, Barakah 2, an AP1000 built by Korea Electric Power Corporation (KEPCO), reached a<br>milestone in connecting to the grid in late August. Barakah 3 and 4 continue to progress through construction and are expected to come online in 2022 and 2023.
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•	On October 4^th^, Fumio Kishida, of the Liberal Democratic<br>Party, took office as Japan’s 100^th^ Prime Minister. He has stated support for nuclear as part of Japan’s energy policy and 2050 carbon neutral goal, including the restart of existing<br>reactors as well as replacement capacity, including SMRs.
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•	In China, two ACPR-1000s recently began commercial operation including China General Nuclear Power<br>Corporation’s Hongyanhe 5 and China National Nuclear Corporation’s Tianwan 6.
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•	In the United Kingdom (UK), Prime Minster Boris Johnson confirmed plans for all of the UK’s electricity to<br>come from low-carbon sources including nuclear and renewables by 2035. His government is in talks with Westinghouse to construct a new AP1000 at the Wylfa Newydd site in Wales. In addition, the country is<br>working with Rolls-Royce Nuclear to construct up to 16 470 MWe UK SMRs at sites across the UK.
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•	EDF Energy reported in late September that construction progress of the two EPRs at Hinkley Point C is nearing<br>50% complete with operations expected in 2026 and 2027.
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•	On October 11^th^, French President Emmanuel Macron unveiled a<br>five-year $35 billion (US) technology investment plan which includes funds for green hydrogen production by 2030 and building new small modular reactors.
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•	Rosatom announced plans to build about 15 new 1,200 MWe Gen 3+ reactors by 2035, with most units being built at<br>existing sites where older units are to be decommissioned.
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•	In the European Union (EU), progress continues towards the potential inclusion of nuclear in the region’s<br>sustainable financing taxonomy. On October 10^th^, ten EU member states published a joint article for the inclusion of nuclear in the taxonomy framework. A final decision is expected before the end<br>of 2021.
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•	In the US, Exelon’s Byron, Dresden and Braidwood plants in Illinois were saved from early closure with the<br>signing of the Climate and Equitable Jobs Act. This comprehensive energy bill included nearly $700 million (US) in new state subsidies over the next five years. Shortly after, the company announced plans to invest over $300 million (US) in<br>capital projects and fill hundreds of vacant positions at the sites.
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•	In August, the Department of Energy (DOE) published a Request for Information (RFI) to inform the establishment<br>and procurement strategy of a Strategic Uranium Reserve program. The initial deadline for comments under the RFI was extended until October 13^th^. The $75 million (US) appropriated for the<br>program in 2021 will be rolled into 2022.
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•	During September and October Cameco announced signing several Memorandums of Understanding (MOU)s. The MOUs are<br>to evaluate and explore possible opportunities to partner on the development and deployment of SMR and advanced reactor technologies and evaluate opportunities to supply uranium, fuel services and other services.
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Caution about forward-looking information relating to the nuclear industry

This discussion of our expectations for the nuclear industry, including its growth profile, uranium supply and demand, and reactor growth is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2.

8CAMECO CORPORATION ****

Industry prices at quarter end

		JUN 30		MAR 31		DEC 31		SEP 30		JUN 30
		2021		2021		2020		2020		2020
Uranium (US/lb U3O8)1
Average spot market price	42.60		32.25		30.95		30.20		29.93		32.80
Average long-term price	42.50		33.50		33.75		35.00		35.00		35.50
Fuel services (US/kgU as UF6)1
Average spot market price
North America	17.50		20.25		21.50		21.75		21.63		22.13
Europe	17.50		19.75		20.50		20.50		20.13		22.00
Average long-term price
North America	18.50		18.00		18.50		19.00		18.00		18.13
Europe	18.50		18.00		18.50		19.00		18.00		18.00

All values are in US Dollars.

Note: the industry does not publish UO2 prices. ^^

^1^	Average of prices reported by TradeTech and UxC LLC (UxC)

On the spot market, where purchases call for delivery within one year, the volume reported by UxC for the third quarter of 2021 was 37 million pounds U3O8 equivalent, compared to 20 million pounds U3O8 equivalent contracted in the third quarter of 2020. Volume through the first nine months of 2021 was 75 million pounds U3O8 equivalent, compared to 79 million pounds U3O8 equivalent over the same period in 2020. As of September 30, 2021, the average reported spot price was $42.60 (US) per pound, an increase of $10.35 (US) per pound from the previous quarter, due in large part to purchases by financial funds and junior uranium companies.

Long-term contracts usually call for deliveries to begin more than two years after the contract is finalized, and use a number of pricing formulas, including fixed prices escalated over the term of the contract, and market referenced prices quoted near the time of delivery. Long-term contracting reported by UxC for the first nine months of 2021 was about 53 million pounds U3O8 equivalent transacted, up from about 39 million pounds U3O8 equivalent reported over the same period in 2020. The average reported long-term price at the end of the quarter was $42.50 (US) per pound U3O8 equivalent, an increase of $9.00 (US) per pound from the previous quarter.

Spot UF6 conversion prices decreased in the North American and European markets while long-term prices in both markets increased. For North American delivery, the average reported spot price at the end of the quarter was $17.50 (US) per kilogram uranium as UF6 (US/kgU as UF6), down $2.75 (US) from the previous quarter. Long-term UF6 conversion prices finished the quarter at $18.50 (US/kgU as UF6), up $0.50 (US) from the previous quarter.

Shares and stock options outstanding<br> <br><br><br><br>At October 27, 2021, we had:<br> <br><br><br><br>• 397,962,428 common shares and one Class B share outstanding<br><br><br><br> <br>• 3,554,838 stock options<br>outstanding, with exercise prices ranging from $11.32 to $26.81	Dividend<br> <br><br><br><br>An annual dividend of $0.08 per common share has been declared, payable on December 15, 2021, to shareholders of record on November 30, 2021. The<br>decision to declare an annual dividend by our board is based on our cash flow, financial position, strategy and other relevant factors including appropriate alignment with the cyclical nature of our earnings.

2021 THIRD QUARTER REPORT9

Financial results

This section of our MD&A discusses our performance, financial condition and outlook for the future.

During the quarter, we determined that it is appropriate to report NUKEM’s results with our uranium and fuel services segments. The purchase and sale of enriched uranium product and separative work units will continue to be reported in “other”. Comparative information has been adjusted. See note 18 for more information.

Consolidated financial results

									NINE MONTHS
CONSOLIDATED HIGHLIGHTS									ENDED SEPTEMBER 30
( MILLIONS EXCEPT WHERE INDICATED)			2020			CHANGE			2021			2020			CHANGE
Revenue	361	****		379			(5	)%	****	1,010	****		1,250			(19	)%
Gross loss	(26	)		(24	)		(8	)%	****	(54	)		(2	)		>	(100)%
Net losses attributable to equity holders	(72	)		(61	)		(18	)%	****	(114	)		(133	)		14	%
per common share (basic)	(0.18	)		(0.15	)		(21	)%	****	(0.29	)		(0.34	)		15	%
per common share (diluted)	(0.18	)		(0.15	)		(21	)%	****	(0.29	)		(0.34	)		15	%
Adjusted net losses (non-IFRS, see page 11)	(54	)		(78	)		31	%	****	(121	)		(114	)		(6	)%
per common share (adjusted and diluted)	(0.14	)		(0.20	)		30	%	****	(0.30	)		(0.29	)		(3	)%
Cash provided by (used in) operations (after working capital changes)	203	****		(66	)		>100	%	****	399	****		(200	)		>100	%

All values are in US Dollars.

NET EARNINGS

The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see page 11) in the third quarter and the first nine months of 2021, compared to the same periods in 2020.

						NINE MONTHS
						ENDED SEPTEMBER 30
( MILLIONS)			ADJUSTED			IFRS			ADJUSTED
Net losses – 2020			(78)			(133)			(114)
Change in gross profit by segment(We calculate gross profit by deducting from<br>revenue the cost of products and services sold, and depreciation and amortization (D&A))
Uranium	—			—			12			12
	(14	)		(14	)		(3	)		(3	)
	(17	)		(17	)		(60	)		(60	)
	35			35			(5	)		(5	)
	4	****	****	4	****	****	(56	)	****	(56	)
Fuel services	1			1			(2	)		(2	)
	(2	)		(2	)		12			12
	(1	)		(1	)		(2	)		(2	)
	(2	)	****	(2	)	****	8	****	****	8	****
Other changes
Lower (higher) administration expenditures	(10	)		(10	)		10			10
Lower (higher) exploration expenditures	(1	)		(1	)		2			2
Change in reclamation provisions	9			—			42			—
Higher earnings from equity-accounted investee	8			8			15			15
Change in gains or losses on derivatives	(37	)		20			12			22
Change in foreign exchange gains or losses	23			23			(20	)		(20	)
Canadian Emergency Wage Subsidy in 2021	—			—			21			21
Change in income tax recovery or expense	(3	)		(16	)		(4	)		2
Other	(2	)		(2	)		(11	)		(11	)
Net losses – 2021	(72	)	****	(54	)	****	(114	)	****	(121	)

All values are in US Dollars.

See Financial results by segment beginning on page 20 for more detailed discussion.

10CAMECO CORPORATION ****

ADJUSTED NET EARNINGS (NON-IFRS MEASURE)

The following table reconciles adjusted net earnings with net earnings for the third quarter and first nine months of 2021 and compares it to the same periods in 2020.

	THREE MONTHS						NINE MONTHS
	ENDED SEPTEMBER 30						ENDED SEPTEMBER 30
($ MILLIONS)	2021			2020			2021			2020
Net losses attributable to equity holders	****	(72	)		(61	)	****	(114	)		(133	)
Adjustments
Adjustments on derivatives		26			(31	)		8			(2	)
Reclamation provision adjustments		(2	)		7			(18	)		24
Income taxes on adjustments		(6	)		7			3			(3	)
Adjusted net losses	****	(54	)		(78	)	****	(121	)		(114	)

Quarterly trends

HIGHLIGHTS						2021											2020			2019
( MILLIONS EXCEPT PER SHARE AMOUNTS)			Q2			Q1			Q4		Q3			Q2			Q1			Q4
Revenue	361	****		359			290			550	****	379	****		525			346			874
Net earnings (losses) attributable to equity holders	(72	)		(37	)		(5	)		80	****	(61	)		(53	)		(19	)		128
per common share (basic)	(0.18	)		(0.09	)		(0.01	)		0.20		(0.15	)		(0.13	)		(0.05	)		0.32
per common share (diluted)	(0.18	)		(0.09	)		(0.01	)		0.20		(0.15	)		(0.13	)		(0.05	)		0.32
Adjusted net earnings (losses) (non-IFRS, see page<br>11)	(54	)		(38	)		(29	)		48	****	(78	)		(65	)		29			94
per common share (adjusted and diluted)	(0.14	)		(0.10	)		(0.07	)		0.12		(0.20	)		(0.16	)		0.07			0.24
Cash provided by (used in) operations (afterworking capital changes)	203	****		152			45			257	****	(66	)		(316	)		182			274

All values are in US Dollars.

Key things to note:

•	the timing of customer requirements, which tend to vary from quarter to quarter, drives revenue in the uranium<br>and fuel services segments, meaning quarterly results are not necessarily a good indication of annual results due to seasonal variability

2021 THIRD QUARTER REPORT11

•	net earnings do not trend directly with revenue due to unusual items and transactions that occur from time to<br>time. We use adjusted net earnings, a non-IFRS measure, as a more meaningful way to compare our results from period to period (see page 11 for more information).
•	cash from operations tends to fluctuate as a result of the timing of deliveries and product purchases in our<br>uranium and fuel services segments
---	---

The following table compares the net earnings and adjusted net earnings for the third quarter to the previous seven quarters.

HIGHLIGHTS							2021												2020			2019
($ MILLIONS EXCEPT PER SHARE AMOUNTS)	Q3			Q2			Q1			Q4			Q3			Q2			Q1			Q4
Net earnings (losses) attributable to equity holders	****	(72	)		(37	)		(5	)		80		****	(61	)		(53	)		(19	)		128
Adjustments
Adjustments on derivatives		26			(9	)		(9	)		(43	)		(31	)		(41	)		70			(18	)
Reclamation provision adjustments		(2	)		6			(22	)		—			7			23			(6	)		(26	)
Income taxes on adjustments		(6	)		2			7			11			7			6			(16	)		10
Adjusted net earnings (losses) (non-IFRS, see page11)	****	(54	)		(38	)		(29	)		48		****	(78	)		(65	)		29			94

Corporate expenses

ADMINISTRATION

	THREE MONTHS							NINE MONTHS
	ENDED SEPTEMBER 30							ENDED SEPTEMBER 30
($ MILLIONS)	2021		2020		CHANGE			2021			2020		CHANGE
Direct administration	****	27		26		4	%	****	82	****		82		—
Stock-based compensation	****	13		4		225	%	****	35	****		18		94	%
Recovery of fees related to CRA dispute	****	—		—		—		****	(27	)		—		n/a
Total administration	****	40		30		33	%	****	90	****		100		(10	)%

Direct administration costs were $1 million higher for the third quarter of 2021 compared to the same period last year, and unchanged for the first nine months. Stock-based compensation in the first nine months was higher due primarily to the increase in our share price during the period compared to 2020. See note 16 to the financial statements. As a result of the Supreme Court of Canada’s (Supreme Court) dismissal of CRA’s application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal), we recorded $27 million in the first quarter as a reduction to administration costs to reflect the amounts owing to us for legal fees and disbursements for costs as was awarded to us by the Tax Court of Canada (Tax Court) and nominal cost awards related to the Court of Appeal hearing and Supreme Court application.

Exploration

In the third quarter, uranium exploration expenses were $3 million, an increase of $1 million compared to the third quarter of 2020. Exploration expenses for the first nine months of the year decreased by $2 million compared to 2020, to $6 million.

INCOME TAXES

We recorded an income tax recovery of $2 million in the third quarter of 2021, compared to a recovery of $5 million in the third quarter of 2020.

On an adjusted basis, we recorded an income tax expense of $4 million this quarter compared to a recovery of $12 million in the third quarter of 2020. In 2021, we recorded earnings of $22 million in Canada compared to losses of $46 million in 2020, while we recorded losses of $72 million in foreign jurisdictions compared to losses of $44 million last year.

In the first nine months of 2021, we recorded an income tax recovery of $9 million compared to a recovery of $13 million in 2020.

On an adjusted basis, we recorded an income tax recovery of $12 million for the first nine months compared to a recovery of $10 million in 2020. In 2021, we recorded losses of $7 million in Canada compared to losses of $38 million in 2020, while we recorded losses of $126 million in foreign jurisdictions compared to losses of $86 million last year.

12CAMECO CORPORATION ****

	THREE MONTHS						NINE MONTHS
	ENDED SEPTEMBER 30						ENDED SEPTEMBER 30
($ MILLIONS)	2021			2020			2021			2020
Pre-tax adjusted earnings^1^
Canada	****	22	****		(46	)	****	(7	)		(38	)
Foreign	****	(72	)		(44	)	****	(126	)		(86	)
Total pre-tax adjusted earnings	****	(50	)		(90	)	****	(133	)		(124	)
Adjusted income taxes^1^
Canada	****	5	****		(12	)	****	(12	)		(14	)
Foreign	****	(1	)		—		****	—	****		4
Adjusted income tax expense (recovery)	****	4	****		(12	)	****	(12	)		(10	)
^1^	Pre-tax adjusted earnings and adjusted income taxes are non-IFRS measures. Our IFRS-based measures have been adjusted by the amounts reflected in the table in adjusted net earnings (non-IFRS measure on page 11).<br>
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TRANSFER PRICING DISPUTE

Supreme Court of Canada decision

On February 18, 2021, the Supreme Court dismissed CRA’s application for leave to appeal the June 26, 2020 decision of the Court of Appeal. The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in Cameco’s favour.

Background

In September 2018, the Tax Court ruled that our marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. The Court of Appeal upheld the Tax Court’s decision and the Supreme Court dismissed CRA’s application for leave to appeal.

The total tax reassessed for the three tax years was $11 million, and we remitted 50%. The Minister of National Revenue has issued new reassessments for the 2003 through 2006 tax years in accordance with the decision and in July we received payments totaling $9 million, representing the refund of the $5.5 million we remitted plus interest.

Cost award

On April 30, 2019, the Tax Court awarded us $10 million for legal fees incurred, plus an amount for disbursements of up to $17 million. The amount of the award for disbursements will be determined by an officer of the Tax Court. We are optimistic we will recover all, or substantially all, of the $17 million in disbursements.

On April 20, 2021, we received $10 million from CRA, which includes payment of the legal fees awarded by the Tax Court as well as the cost awards related to the Court of Appeal and Supreme Court decisions.

Timing of payment for disbursements remains uncertain.

Reassessments, remittances and next steps

The Canadian income tax rules include provisions that generally require larger companies like us to remit or otherwise secure 50% of the cash tax plus related interest and penalties at the time of reassessment. Based on reassessments received to date for the years remaining under dispute (2007 through 2014), under these provisions, after applying elective deductions, we have paid or secured $777 million ($295 million in cash and $482 million in letters of credit). For the 2014 reassessment, CRA advised us that the security already remitted was sufficient to secure the tax debts they considered owing for that tax year.

2021 THIRD QUARTER REPORT13

Following the Supreme Court’s dismissal of CRA’s application for leave to appeal, we wrote to CRA requesting reversal of CRA’s transfer pricing adjustments for 2007 through 2013 and the return of our $777 million in cash and letters of credit held by CRA. The basis for our request being, given the strength of the decisions received, the Tax Court would reject any attempt by CRA to use the same or similar positions and arguments for other tax years currently in dispute (2007 through 2014). To date, there has been no significant progress in response to this request. Therefore, we are taking further action by filing a notice of appeal with the Tax Court for the years 2007 through 2013. We are asking the Tax Court to order the reversal of the CRA’s transfer pricing adjustment for those years and the return of our cash and letters of credit, with costs. For 2014, CRA proposed an alternate reassessing position that, if applied, would result in a less adverse, albeit still material, adjustment to our income taxable in Canada. This proposed new basis of reassessment is inconsistent with the methodology CRA has pursued for prior years and we are disputing it separately. Our view is that this alternate methodology will not result in a materially different outcome from our 2014 filing position.

We will not be in a position to determine the definitive outcome of this dispute for any tax year other than 2003 through 2006 until such time as all reassessments have been issued advancing CRA’s arguments and final resolution is reached for that tax year. CRA may also advance alternative reassessment methodologies for years other than 2003 through 2006, such as the alternative reassessing position advanced for 2014. See our 2020 annual MD&A for additional background about the payments we have made.

Caution about forward-looking informationrelating to our CRA tax dispute

This discussion of our expectations relating to our tax dispute with CRA and future tax reassessments by CRA is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2 and also on the more specific assumptions and risks listed below. Actual outcomes may vary significantly.

Assumptions • our entitlement and ability to receive the expected refunds and payments from CRA • the courts will reach consistent decisions for subsequent tax years that are based on similar positions and arguments • CRA will not successfully advance different positions and arguments that may lead to a different outcome for other tax years

Material risks that could cause actual results to differ materially • we will not receive the expected refunds and payments from CRA • the possibility the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years • the possibility that CRA does not agree that the court decisions for the years that have been resolved in Cameco’s favour should apply to subsequent tax years • the possibility CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured by Cameco in a timely manner, or at all • the possibility of a materially different outcome in disputes for other tax years • an unfavourable determination of the officer of the Tax Court of the amount of our disbursements award

FOREIGN EXCHANGE

The exchange rate between the Canadian dollar and US dollar affects the financial results of our uranium and fuel services segments.

We sell the majority of our uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. Our product purchases are denominated in US dollars, while our production costs are largely denominated in Canadian dollars. To provide cash flow predictability, we hedge a portion of our net US/Cdn exposure (e.g. total US dollar sales less US dollar expenditures and product purchases) to manage shorter term exchange rate volatility. Our results are therefore affected by the movements in the exchange rate on our hedge portfolio, and on the unhedged portion of our net exposure.

14CAMECO CORPORATION ****

Impact of hedging on IFRS earnings

We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on economic hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market).

However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the benefits of our hedging program in the applicable reporting period.

Impact of hedging on ANE

We designate contracts for use in particular periods, based on our expected net exposure in that period. Hedge contracts are layered in over time based on this expected net exposure. The result is that our current hedge portfolio is made up of a number of contracts which are currently designated to net exposures we expect in 2021 and future years, and we will recognize the gains and losses in ANE in those periods.

For the purposes of ANE, gains and losses on derivatives are reported based on the difference between the effective hedge rate of the contracts designated for use in the particular period and the exchange rate at the time of settlement. This results in an adjustment to current period IFRS earnings to effectively remove reported gains and losses on derivatives that arise from contracts put in place for use in future periods. The effective hedge rate will lag the market in periods of rapid currency movement. See Non-IFRS measures on page 11.

For more information, see our 2020 annual MD&A.

At September 30, 2021:

•	The value of the US dollar relative to the Canadian dollar was $1.00 (US) for $1.27 (Cdn), up from $1.00 (US) for<br>$1.24 (Cdn) at June 30, 2021. The exchange rate averaged $1.00 (US) for $1.26 (Cdn) over the quarter.
•	The mark-to-market position on<br>all foreign exchange contracts was a $33 million gain compared to a $59 million gain at June 30, 2021.
---	---

For information on the impact of foreign exchange on our intercompany balances, see note 17 to the financial statements.

Outlook for 2021

Production at Cigar Lake has resumed, and we expect up to 12 million pounds on a 100% basis in 2021, provided there are no further disruptions due to COVID-19, forest fires or any other cause. We have updated our 2021 consolidated outlook.

Despite the disruptions to our business in 2021 and the costs we are incurring, we expect our business to be resilient. Our deliveries to-date have not been materially impacted by the disruptions to our business as a result of the COVID-19 pandemic or forest fires, and we do not currently expect there will be a material impact on our remaining 2021 deliveries.

As a result of the movement in the uranium spot price in recent months, we have updated our outlook for the anticipated uranium average realized price to $43.10 per pound (previously $42.40 per pound). The average unit cost of sales is now expected to between $48.50 and $49.50 per pound (previously $47.00 to $48.00 per pound) due to the higher spot price and the impact on our purchasing activity.

Our outlook has changed for fuel services production due to a temporary restriction in the supply of hydrogen to our conversion facility. The supply constraint is expected to be resolved in the fourth quarter and we expect no impact on customer deliveries this year. Fuel services production is now expected to be between 11.5 million and 12.5 million kgU (previously 12.5 million to 13.5 million kgU).

Our revised outlook for 2021 reflects the expenditures necessary to help us achieve our strategy. We have made significant progress in reducing our administration, exploration and operating costs, as well as capital expenditures. We have also made a number of strategic and prudent decisions to curtail production that come with significant costs in the near term, costs we factored into our decisions, and that we continue to believe are the right decisions for our company over the long-term.

2021 THIRD QUARTER REPORT15

The largest of these costs are care and maintenance related to the production suspensions at the McArthur River and Key Lake operations and at our tier-two operations, and the proactive health and safety-related decision to suspend production at Cigar Lake earlier this year due to the COVID-19 pandemic. These costs are expensed directly to cost of sales and are expected to represent between $7.40 per pound and $9.35 per pound of our average unit cost of sales (including D&A) this year.

In addition, with our production well below our sales commitments, we have been purchasing uranium to meet our committed sales and to maintain a working inventory. For 2021, we expect the average purchase price for these pounds to be about $42.50 per pound, approximately $11.50 per pound higher than the production costs at Cigar Lake for the past two years.

2021 FINANCIAL OUTLOOK

	CONSOLIDATED		URANIUM		FUEL SERVICES
Production (owned and operated properties)		—		up to 6.0 million lbs		11.5 to 12.5 million kgU
Purchases		—		11 to 13 million lbs		—
Sales/delivery volume		—		23 to 25 million lbs		13 to 14 million kgU
Revenue	$	1,350-1,500 million	$	950-1,040 million	$	380-410 million
Average realized price		—	$	43.10/lb		—
Average unit cost of sales (including D&A)		—	$	48.50-49.50/lb	$	20.50-21.50/kgU
Direct administration costs	$	85-95 million		—		—
Exploration costs		—	$	9 million		—
Capital expenditures	$	130-155 million		—		—

We do not provide an outlook for the items in the table that are marked with a dash.

The following assumptions were used to prepare the outlook in the table above:

•	Purchases – are based on the volumes we have already taken delivery of this year and those we currently have<br>commitments to acquire under contract in 2021 in order to meet the sales/delivery commitments we have under contract in 2021 and to maintain a working inventory, including our JV Inkai purchases. It does not include any purchases that we may make as<br>a result of any impact on our production rate for the remainder of the year for any reason, including disruptions caused by the COVID-19 pandemic or forest fires.
•	Our 2021 outlook for sales/delivery volume and revenue does not include sales between our uranium and fuel<br>services segments.
---	---
•	Sales/delivery volume is based on the volumes already delivered this year and the remaining commitments we have<br>to deliver under contract in 2021.
---	---
•	Uranium revenue and average realized price are based on a uranium spot price of $43.00 (US) per pound (the UxC<br>spot price as of September 27, 2021), a long-term price indicator of $40.00 (US) per pound (the UxC long-term indicator on September 27, 2021) and an exchange rate of $1.00 (US) for $1.25 (Cdn).
---	---
•	Uranium average unit cost of sales (including D&A) is based on the expected unit cost of sales for produced<br>material, the planned purchases noted in the outlook at an anticipated average purchase price of about $42.50 per pound and includes care and maintenance costs of between $185 million and $215 million. We expect the overall unit cost of<br>sales could vary if there are changes in purchase volumes, uranium spot prices and/or care and maintenance costs in 2021.
---	---
•	Direct administration costs do not include stock-based compensation expenses. See page 12 for more information.<br>
---	---

Our 2021 financial outlook is presented on the basis of equity accounting for our minority ownership interest in JV Inkai. Under equity accounting, our share of the profits earned by JV Inkai on the sale of its production will be included in “income from equity-accounted investees” on our consolidated statement of earnings. Our share of production will be purchased at a discount to the spot price and included at this value in inventory. In addition, JV Inkai capital is not included in our outlook for capital expenditures.

For more information on how changes in the exchange rate or uranium prices can impact our outlook see Revenue, adjusted net earnings, and cash flowsensitivity analysis below, and Foreign exchange on page 14.

16CAMECO CORPORATION ****

REVENUE, ADJUSTED NET EARNINGS, AND CASH FLOW SENSITIVITY ANALYSIS

FOR 2021 ( MILLIONS)
				ANE			CASH FLOW
Uranium spot and term<br>price1	5(US)/lb increase	4			(3	)		(7	)
	5(US)/lb decrease	(4	)		3			7
Value of Canadian dollar vs US dollar	One cent decrease in CAD	3			3			1
	One cent increase in CAD	(3	)		(3	)		(1	)

All values are in US Dollars.

^1^	Assuming change in both UxC spot price ($43.00 (US) per pound on September 27, 2021) and the UxC long-term<br>price indicator ($40.00 (US) per pound on September 27, 2021)

For the remainder of 2021, the volume of purchase commitments sensitive to the spot price is higher than the volume of committed deliveries that are sensitive to the spot price. As a result, our adjusted net earnings and cash flow are expected to move in the opposite direction from the uranium spot price. However, the impact on adjusted net earnings is expected to be very small with cash flow expected to be more sensitive to price changes.

PRICESENSITIVITY ANALYSIS: URANIUM SEGMENT

The following table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table. It is designed to indicate how the portfolio of long-term contracts we had in place on September 30, 2021 would respond to different spot prices. In other words, we would realize these prices only if the contract portfolio remained the same as it was on September 30, 2021 and none of the assumptions we list below change.

We intend to update this table each quarter in our MD&A to reflect changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

Expected realized uranium price sensitivity under various spot price assumptions
(rounded to the nearest 1.00)
SPOT PRICES
(US/lb U3O8)	40	60	80	100	120	140
2021
2022
2023
2024
2025

All values are in US Dollars.

The table illustrates the mix of long-term contracts in our September 30, 2021 portfolio and is consistent with our marketing strategy. The table shows contracts entered into up to September 30, 2021.

Our portfolio includes a mix of fixed-price and market-related contracts, which we target at a 40:60 ratio. Those that are fixed at higher prices or have high floor prices will yield prices that are higher than current market prices.

Our portfolio is affected by more than just the spot price. We made the following assumptions (which are not forecasts) to create the table:

Sales • sales volumes on average of 20 million pounds per year, with commitment levels in 2021 and 2022 higher than in 2023 through 2025. • excludes sales between our segments Deliveries • deliveries include best estimates of requirements contracts and contracts with volume flex provisions

Annual inflation • is 2% in the US Prices • the average long-term price indicator is the same as the average spot price for the entire year (a simplified approach for this purpose only). Since 1996, the long-term price indicator has averaged 21% higher than the spot price. This differential has varied significantly. Assuming the long-term price is at a premium to spot, the prices in the table may be higher.

2021 THIRD QUARTER REPORT17

Liquidity and capital resources

Our financial objective is to ensure we have the cash and debt capacity to fund our operating activities, investments and other financial obligations. As part of our strategy, our financial focus has been on strengthening our balance sheet and we do not expect that we will need to draw on our revolving credit facility in 2021. Due to the deliberate cost reduction measures implemented, the reduction in our dividend and the drawdown of inventory in 2018 as a result of the suspension of production at our McArthur River/Key Lake operation, we have significant cash balances and as such we expect that we have more than sufficient liquidity to meet our 2021 obligations.

As of September 30, 2021, we had cash and short-term investments of $1.4 billion, while our total debt amounted to $1.0 billion.

In addition, we have large, creditworthy customers that continue to need uranium and we expect the uranium contract portfolio we have built to continue to provide a solid revenue stream. As of September 30, 2021, we had commitments to deliver an average of 20 million pounds per year from 2021 through 2025, with commitment levels in 2021 and 2022 higher than in 2023 through 2025.

Strategically our focus is on preserving the value of our tier-one assets and reducing our operating, capital and general and administrative spending. In the current environment, the health and safety of our workers, their families and their communities is our priority as the COVID-19 pandemic continues to bring uncertainty. Since the start of the COVID-19 pandemic, we have taken measures to enhance our health and safety protocols as well we proactively suspended production at some of our operations. Cash flow from operations will be dependent on our ability to maintain production at our operations, the production rate achieved and the timing and magnitude of our purchasing activity, therefore cash balances may fluctuate throughout the year. However, we expect our cash balances and operating cash flows to meet our capital requirements during 2021.

With the Supreme Court’s dismissal of CRA’s application for leave, the dispute of the 2003 through 2006 tax years are fully and finally resolved in our favour. Furthermore, we are confident the courts would reject any attempt by CRA to utilize the same or similar positions and arguments for the other tax years currently in dispute (2007 through 2014) and believe CRA should return the $777 million in cash and letters of credit we have been required to pay or otherwise secure. However, timing of any further payments is uncertain.

CASH FROM/USED IN OPERATIONS

Cash provided by operations was $269 million higher this quarter than in the third quarter of 2020 mainly due to reduced purchasing activity. We purchased 2.8 million pounds in the third quarter of 2021 compared to 7.0 million pounds during the same period last year.

Cash provided by operations was $599 million higher in the first nine months of 2021 than for the same period in 2020 due largely to the purchasing activity in 2020 that was a result of the Cigar Lake production suspension. Purchases for the first nine months of 2021 were 7.8 million pounds compared to 30.2 million pounds during the same period of 2020. See note 15 of our interim financial statements for more information.

FINANCING ACTIVITIES

We use debt to provide additional liquidity. We have sufficient borrowing capacity with unsecured lines of credit totalling about $2.7 billion at September 30, 2021, unchanged from June 30, 2021. At September 30, 2021, we had approximately $1.6 billion outstanding in financial assurances, up from $1.5 billion at June 30, 2021.

We have extended the maturity date of our $1.0 billion unsecured revolving credit facility from November 1, 2023 to October 1, 2025. The credit facility allows us to request increases above $1.0 billion, in increments of no less than $50 million, up to a total of $1.25 billion. At September 30, 2021, we had no short-term debt outstanding on our $1.0 billion unsecured revolving credit facility, unchanged from December 31, 2020.

Long-term contractual obligations

Since December 31, 2020, there have been no material changes to our long-term contractual obligations. Please see our 2020 annual MD&A for more information.

18CAMECO CORPORATION ****

Debt covenants

We are bound by certain covenants in our unsecured revolving credit facility. The financially related covenants place restrictions on total debt, including guarantees. As at September 30, 2021, we met these financial covenants and do not expect our operating and investment activities for the remainder of 2021 to be constrained by them.

OFF-BALANCE SHEET ARRANGEMENTS

We had three kinds of off-balance sheet arrangements at September 30, 2021:

•	purchase commitments
•	financial assurances
---	---
•	other arrangements
---	---

There have been no material changes to our purchase commitments since December 31, 2020. Please see our annual MD&A for more information.

Financial assurances

At September 30, 2021, our financial assurances totaled $1.6 billion, up from $1.5 billion at June 30, 2021.

Other arrangement

We have arranged for standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2.0 million kgU of UF6 conversion services and 2.6 million pounds of U3O8 over the period 2020 to 2023 with repayment in kind up to December 31, 2023. Under the loan facilities, standby fees of up to 1% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 1.6%. At September 30, 2021, we have 1.1 million kgU of UF6 conversion services drawn on the loans.

BALANCE SHEET

($ MILLIONS)	SEP 30, 2021
Cash, cash equivalents and short-term investments	****	1,360	943	44	%
Total debt	****	996	996	—
Inventory	****	437	680	(36	)%

Total cash, cash equivalents and short-term investments at September 30, 2021 were $1.4 billion, or 44% higher than at December 31, 2020 primarily due to the draw-down of inventory during the period. Net debt at September 30, 2021 was negative $364 million.

Total product inventories are $437 million compared to $680 million at the end of 2020. Inventories decreased as sales were higher than production and purchases in the first nine months of the year. The average cost for uranium has decreased to $37.70 per pound compared to $37.95 per pound at December 31, 2020. As of September 30, 2021, we held an inventory of 8.5 million pounds of U3O8 equivalent (excluding broken ore). Inventory varies from quarter to quarter depending on the timing of production, purchases and sales deliveries in the year.

2021 THIRD QUARTER REPORT19

Financial results by segment

Uranium

		THREE MONTHS<br>ENDED SEPTEMBER 30							NINE MONTHS<br>ENDED SEPTEMBER 30
HIGHLIGHTS		2021		2020		CHANGE			2021		2020		CHANGE
Production volume (million lbs)		****	2.0		0.2		900	%	****	3.3		2.3		43	%
Sales volume (million lbs)		****	6.7		6.7		—		****	17.9		22.1		(19)	%
Average spot price	US/lb)	****	36.42		31.08		17	%	****	32.26		30.00		8	%
Average long-term price	US/lb)	****	36.75		35.33		4	%	****	34.78		34.50		1	%
Average realized price	US/lb)	****	32.20		33.77		(5)	%	****	32.68		32.79		—
	Cdn/lb)	****	40.20		44.85		(10)	%	****	40.95		44.45		(8)	%
Average unit cost of sales (including D&A)	Cdn/lb)	****	44.69		49.90		(10)	%	****	47.59		47.28		1	%
Revenue ( millions)		****	270		302		(11)	%	****	732		980		(25)	%
Gross loss ( millions)		****	(30)		(34)		12	%	****	(119)		(62)		(92)	%
Gross loss (%)		****	(11)		(11)		—		****	(16)		(6)		>(100)	%

All values are in US Dollars.

THIRD QUARTER

Production during the quarter was 2.0 million pounds. In the third quarter of 2020 there was limited production as Cigar Lake resumed production following the precautionary suspension due to the COVID-19 pandemic. See Uranium 2021 Q3 updates starting on page 23 for more information.

Uranium revenues this quarter were down 11% compared to 2020 due to a decrease of 10% in the Canadian dollar average realized price. While the US dollar average realized price decreased by 5%, the Canadian dollar average realized price decreased by 10% as a result of a strengthening of the Canadian dollar. While the average US dollar spot price for uranium increased by 17% compared to the same period in 2020, the US dollar average realized price did not increase due to the lagging effect of changes in spot price on market-related contracts.

Total cost of sales (including D&A) decreased by 11% ($300 million compared to $336 million in 2020) due to a unit cost of sales that was 10% lower than the same period last year. Unit cost of sales was lower in 2021 as $18 million in care and maintenance costs for Cigar Lake were incurred during the third quarter of 2020. Cigar Lake was in care and maintenance for most of the period in 2020 as a result of our proactive decision to suspend production at the Cigar Lake mine in response to the threat posed by the COVID-19 pandemic.

The net effect was a $4 million increase in gross profit for the quarter.

Equity earnings from investee, JV Inkai, were $11 million in the third quarter compared to $3 million in same period last year.

FIRST NINE MONTHS

Production volumes for the first nine months of the year were 43% higher than in the previous year. See Uranium 2021 Q3 updates starting on page 23 for more information.

Uranium revenues decreased 25% compared to the first nine months of 2020 due to a 19% decrease in sales volumes and a decrease of 8% in the Canadian dollar average realized price. While the US dollar average realized price was largely unchanged, the Canadian dollar average realized price for the first nine months was 8% lower compared to the same period in 2020 primarily due to a stronger Canadian dollar.

Total cost of sales (including D&A) decreased by 19% ($850 million compared to $1,043 million in 2020) primarily as a result of a 19% decrease in sales volume. Care and maintenance costs, resulting from our proactive decision to suspend Cigar Lake production in response to the threat posed by the COVID-19 pandemic, were $40 million for the first nine months of 2021 compared to $46 million for the same period last year.

The net effect was a $57 million decrease in gross profit for the first nine months.

Equity earnings from investee, JV Inkai, were $33 million for the first nine months compared to $18 million for the same period last year.

20CAMECO CORPORATION ****

The table below shows the costs of produced and purchased uranium incurred in the reporting periods (which are non-IFRS measures, see the paragraphs below the table). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

	THREE MONTHS<br>ENDED SEPTEMBER 30							NINE MONTHS<br>ENDED SEPTEMBER 30
($CDN/LB)	2021		2020		CHANGE			2021		2020		CHANGE
Produced
Cash cost	****	16.50		49.89		(67	)%	****	18.05		19.57		(8	)%
Non-cash cost	****	15.15		23.77		(36	)%	****	17.25		15.67		10	%
Total production cost ^1^	****	31.65		73.66		(57	)%	****	35.30		35.24		0	%
Quantity produced (million lbs)^1^	****	2.0		0.2		900	%	****	3.3		2.3		43	%
Purchased
Cash cost^1^	****	39.27		40.65		(3	)%	****	37.87		39.93		(5	)%
Quantity purchased (million lbs)^1^	****	3.8		7.4		(49	)%	****	7.8		30.6		(75	)%
Totals
Produced and purchased costs	****	36.64		41.52		(12	)%	****	37.11		39.60		(6	)%
Quantities produced and purchased (million lbs)	****	5.8		7.6		(24	)%	****	11.1		32.9		(66	)%
^1^	Due to equity accounting, our share of production will be shown as a purchase at the time of delivery. JV Inkai<br>purchases will fluctuate during the quarters and timing of purchases will not match production. In the third quarter we purchased 1.6 million pounds at a purchase price per pound of $43.37 ($34.53 (US)) (3.0 million pounds in the first<br>nine months of 2021 at $39.84 ($31.76 (US)).
---	---

While McArthur River and Key Lake are shut down, our annual cost of production is expected to reflect the estimated life-of-mine operating cost, between $15 and $16 per pound, of mining and milling our share of Cigar Lake mineral reserves. However, our production costs in 2021 will be impacted by the suspension of operations until mid-April and the production rate for the remainder of the year at Cigar Lake and may fluctuate from quarter to quarter.

The benefit of the estimated life-of-mine operating cost for Inkai’s production of between $6 and $7 per pound, is expected to be reflected in the line item on our statement of earnings called “share of earnings from equity-accounted investee”.

Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. In the third quarter, the average cash cost of purchased material was $39.27 (Cdn) per pound, or $31.52 (US) per pound in US dollar terms, compared to $30.27 (US) per pound in the third quarter of 2020. For the first nine months, the average cash cost of purchased material was $37.87 (Cdn), or $30.27 (US) per pound, compared to $29.17 (US) per pound in the same period in 2020. As a result, the average cash cost of purchased material in Canadian dollar terms decreased by 3% this quarter and decreased by 5% for the nine months compared to the same periods last year.

Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium presented in the above table are non-IFRS measures. These measures do not have a standardized meaning or a consistent basis of calculation under IFRS. We use these measures in our assessment of the performance of our uranium business. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow.

These measures are non-standard supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared according to accounting standards. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently, so you may not be able to make a direct comparison to similar measures presented by other companies.

To facilitate a better understanding of these measures, the following table presents a reconciliation of these measures to our unit cost of sales for the third quarter and the first nine months of 2021 and 2020.

2021 THIRD QUARTER REPORT21

Cash and total cost per pound reconciliation

	THREE MONTHS<br>ENDED SEPTEMBER 30						NINE MONTHS<br>ENDED SEPTEMBER 30
($ MILLIONS)	2021			2020			2021			2020
Cost of product sold	****	265.0	****		318.2		****	749.9	****		946.7
Add / (subtract)
Royalties	****	(4.1	)		—		****	(10.1	)		(7.7	)
Care and maintenance costs	****	(30.5	)		(38.1	)	****	(119.9	)		(109.0	)
Other selling costs	****	(0.8	)		(4.4	)	****	(3.0	)		(10.8	)
Change in inventories	****	(47.4	)		35.1		****	(261.9	)		447.7
Cash operating costs (a)	****	182.2	****		310.8		****	355.0	****		1,266.9
Add / (subtract)
Depreciation and amortization	****	35.4	****		18.0		****	100.4	****		95.9
Care and maintenance costs	****	(11.0	)		(16.9	)	****	(42.8	)		(46.1	)
Change in inventories	****	5.9	****		3.6		****	(0.7	)		(13.8	)
Total operating costs (b)	****	212.5	****		315.5		****	411.9	****		1,302.9
Uranium produced & purchased (million lbs) (c)	****	5.8	****		7.6		****	11.1	****		32.9
Cash costs per pound (a ÷ c)	****	31.41	****		40.89		****	31.98	****		38.51
Total costs per pound (b ÷ c)	****	36.64	****		41.52		****	37.11	****		39.60

Fuel services

(includes results for UF6, UO2, UO3 and fuel fabrication)

							NINE MONTHS<br>ENDED SEPTEMBER 30
HIGHLIGHTS		2020		CHANGE			2021		2020		CHANGE
Production volume (million kgU)	1.4		2.0		(30	)%	****	9.0		8.4		7	%
Sales volume (million kgU)	3.0		2.8		7	%	****	8.7		9.2		(5	)%
Average realized price	26.42		26.95		(2	)%	****	30.24		28.66		6	%
Average unit cost of sales (including D&A)	23.26		22.81		2	%	****	21.90		21.55		2	%
Revenue ( millions)	80		77		4	%	****	264		263		—
Gross profit ( millions)	10		12		(17	)%	****	73		65		12	%
Gross profit (%)	13		16		(19	)%	****	28		25		12	%

All values are in US Dollars.

THIRD QUARTER

Total revenue for the third quarter of 2021 increased to $80 million from $77 million for the same period last year. This was primarily due to a 7% increase in sales volumes partially offset by a 2% decrease in average realized price compared to 2020. Average realized price decreased mainly due to the mix of product sold.

The total cost of products and services sold (including D&A) increased 8% ($70 million compared to $65 million in 2020) due to the 7% increase in sales volume and a 2% increase in the average unit cost of sales. Average unit cost of sales increased due to higher input costs as well as the impact of lower production.

The net effect was a $2 million decrease in gross profit.

FIRST NINE MONTHS

In the first nine months of the year, total revenue remained the same due to a 5% decrease in sales volumes that was largely offset by a 6% increase in realized price. The increase in realized price was mainly the result of increased prices due to market conditions.

The total cost of products and services sold (including D&A) decreased 3% ($191 million compared to $197 million in 2020) due to the 5% decrease in sales volume, slightly offset by a 2% increase in the average unit cost of sales due to the higher input costs.

The net effect was an $8 million increase in gross profit.

22CAMECO CORPORATION ****

Our operations

Uranium – production overview

Due to our decision to proactively suspend production at Cigar Lake for different periods of time in 2020 and 2021, to manage the threat posed by the COVID-19 pandemic to our workforce, we had 3.3 million pounds production in the first nine months of 2021 compared to 2.3 million pounds in the same period of 2020. See page 23.

We continue to evaluate the optimal mix of production, inventory and purchases in order to retain the flexibility to deliver long-term value.

URANIUM PRODUCTION

	THREE MONTHS<br>ENDED SEPTEMBER 30							NINE MONTHS<br>ENDED SEPTEMBER 30							2021
OUR SHARE (MILLION LBS)	2021		2020		CHANGE			2021		2020		CHANGE			TARGET
Cigar Lake	****	2.0		0.2		900	%	****	3.3		2.3		43	%		up to 6
Total	****	2.0		0.2		900	%	****	3.3		2.3		43	%		0.0

Uranium 2021 Q3 updates

PRODUCTION UPDATE

McArthur River/Key Lake

There was no production in the third quarter as a result of the planned production suspension that began in February 2018 and continues for an indeterminate duration due to the strategic decisions we have taken. The operation remains in a safe state of care and maintenance. A restart of the mine and mill is a commercial decision that will be based upon our success in signing acceptable new long-term contracts that will baseload our share of production from this operation and our confidence that market conditions will allow us to benefit from the favourable life-of-mine economics it provides.

Our share of the cash and non-cash costs to maintain both operations during the suspension is expected to range between $8 million and $10 million per month.

We continue to advance innovation opportunities/projects at the McArthur River mine and Key Lake mill to focus on improvement of the mine and mill through application of automation, digitization and optimization.

Cigar Lake

Production for the third quarter was 2.0 million pounds compared to 0.2 million pounds (our share) in the third quarter of 2020. Our share of production in the first nine months of 2021 was 3.3 million pounds compared to 2.3 million pounds in the first nine months of 2020. Production was impacted by suspensions in the second and third quarters of 2020 as a precautionary measure due to COVID-19. In December 2020, we safely suspended production at the Cigar Lake mine a second time as a precaution. The mine remained suspended through the first quarter of this year until its restart in mid-April.

On July 1, all non-essential personnel from the Cigar Lake mine were evacuated and production was temporarily suspended as a precaution due to the proximity of a forest fire. With the risk subsided and all infrastructure intact, the workforce returned on July 4 and production resumed in the first week of July.

In 2021, we expect to produce up to 12.0 million packaged pounds at Cigar Lake; our share is up to 6.0 million pounds.

As a result of the suspension in production, including the suspension in July due to the forest fire risk, we have experienced delays and deferrals in project work, including lower capital expenditures, which introduces potential risk to the production rate in 2022. Furthermore, the potential for post pandemic impacts on construction materials, equipment and labour remains uncertain and could further exacerbate production risk in future years.

2021 THIRD QUARTER REPORT23

Inkai

Production on a 100% basis was 2.5 million pounds for the quarter and 6.7 million pounds for the first nine months of the year, compared to 1.6 million pounds and 5.1 million pounds in the same periods last year.

Based on an adjustment to the production purchase entitlement under the 2016 JV Inkai restructuring agreement, we are entitled to purchase 5.3 million pounds, or 59.4% of JV Inkai’s updated planned 2021 production of 9.0 million pounds, assuming no production disruptions due to the COVID-19 pandemic or other causes.

Due to equity accounting, our share of production is shown as a purchase at a discount to the spot price and included in inventory at this value at the time of delivery. Our share of the profits earned by JV Inkai on the sale of its production is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings.

Presently, JV Inkai is experiencing some supply chain issues that are impacting wellfield drilling as well as acid supply. While we believe Inkai’s 2021 production is not at risk, these issues could pose a risk to its 2022 production volume.

TIER-TWO CURTAILED OPERATIONS

US ISR Operations

As a result of our 2016 curtailment decision, commercial production has ceased. As production is suspended, we expect ongoing cash and non-cash care and maintenance costs to range between $17 million (US) and $19 million (US) for 2021.

Rabbit Lake

Rabbit Lake continues in a safe state of care and maintenance and there was no production in the third quarter of 2021. While in standby, we continue to consider opportunities to minimize care and maintenance costs. We expect care and maintenance costs to range between $27 million and $32 million for 2021.

Fuel services 2021 Q3 updates

PORT HOPE CONVERSION SERVICES

CAMECO FUELMANUFACTURING INC. (CFM)

Production update

Fuel services produced 1.4 million kgU in the third quarter, 30% lower than the same period last year. For the first nine months, production was 7% higher than the same period last year due to the impact of the temporary suspension of production in 2020 resulting from the precautionary measures taken for the COVID-19 pandemic.

We expect to produce between 11.5 million and 12.5 million kgU in 2021. This is reduced from the previous forecast due to a temporary restriction in the supply of hydrogen to our conversion facility. The supply constraint is expected to be resolved in the fourth quarter and we expect no impact on customer deliveries this year.

We have submitted our applications and required documentation to the Canadian Nuclear Safety Commission for a licence renewal for the Blind River refinery and CFM. The current licences expire on February 28, 2022.

The potential for post pandemic impacts on materials, reagents and labour remains uncertain and could introduce potential risk to the production rate in 2022.

24CAMECO CORPORATION ****

Qualified persons

The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101:

MCARTHUR RIVER/KEY LAKE<br> <br><br><br><br>• Greg Murdock, general manager, McArthur River/Key Lake, Cameco<br><br><br><br> <br>CIGAR LAKE<br><br><br><br> <br>• Lloyd Rowson, general<br>manager, Cigar Lake, Cameco	INKAI<br> <br><br><br><br>• Scott Bishop, director, technical services, Cameco

Additional information

Critical accounting estimates

Due to the nature of our business, we are required to make estimates that affect the amount of assets and liabilities, revenues and expenses, commitments and contingencies we report. We base our estimates on our experience, our best judgment, guidelines established by the Canadian Institute of Mining, Metallurgy and Petroleum and on assumptions we believe are reasonable.

Controls and procedures

As of September 30, 2021, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer (CEO) and chief financial officer (CFO), of the effectiveness of our disclosure controls and procedures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Based upon that evaluation and as of September 30, 2021, the CEO and CFO concluded that:

•	the disclosure controls and procedures were effective to provide reasonable assurance that information required<br>to be disclosed in the reports we file and submit under applicable securities laws is recorded, processed, summarized and reported as and when required
•	such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to<br>allow timely decisions regarding required disclosure
---	---

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2021 THIRD QUARTER REPORT25

EX-99.3

Exhibit 99.3

LOGO

Cameco Corporation

2021 condensed consolidated interim financial statements

(unaudited)

October 28, 2021

Cameco Corporation

Consolidated statements of earnings

(Unaudited)			Three months ended						Nine months ended
($Cdn thousands, except per share amounts)	Note		Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Revenue from products and services		10	$	361,216		$	378,870		$	1,010,437		$	1,249,717
Cost of products and services sold				336,557			372,862			924,437			1,118,724
Depreciation and amortization				50,774			29,654			139,910			133,276
Cost of sales		18		387,331			402,516			1,064,347			1,252,000
Gross loss				(26,115	)		(23,646	)		(53,910	)		(2,283	)
Administration				39,522			30,414			90,484			100,073
Exploration				2,799			1,914			5,853			8,312
Research and development				1,794			493			5,385			1,668
Other operating expense (income)		8		(2,163	)		6,861			(18,370	)		23,762
Loss (gain) on disposal of assets				(3,214	)		558			(3,217	)		509
Loss from operations				(64,853	)		(63,886	)		(134,045	)		(136,607	)
Finance costs		11		(18,933	)		(16,866	)		(56,581	)		(52,778	)
Gain (loss) on derivatives		17		(16,344	)		20,730			6,917			(4,880	)
Finance income				1,635			1,327			5,410			9,479
Share of earnings from equity-accounted investee		6		11,130			3,196			33,332			17,815
Other income (expense)		12		12,765			(10,750	)		21,640			20,878
Loss before income taxes				(74,600	)		(66,249	)		(123,327	)		(146,093	)
Income tax recovery		13		(2,477	)		(5,477	)		(9,478	)		(13,077	)
Net loss				(72,123	)		(60,772	)		(113,849	)		(133,016	)
Net loss attributable to:
Equity holders			$	(72,116	)	$	(60,770	)	$	(113,804	)	$	(132,996	)
Non-controlling interest				(7	)		(2	)		(45	)		(20	)
Net loss			$	(72,123	)	$	(60,772	)	$	(113,849	)	$	(133,016	)
Loss per common share attributable to equity holders:
Basic		14	$	(0.18	)	$	(0.15	)	$	(0.29	)	$	(0.34	)
Diluted		14	$	(0.18	)	$	(0.15	)	$	(0.29	)	$	(0.34	)

See accompanying notes to condensed consolidated interim financial statements.

Cameco Corporation

Consolidated statements of comprehensive earnings

(Unaudited)	Three months ended						Nine months ended
($Cdn thousands)	Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Net loss	$	(72,123	)	$	(60,772	)	$	(113,849	)	$	(133,016	)
Other comprehensive income (loss), net of taxes
Items that will not be reclassified to net earnings:
Equity investments at FVOCI—net change in fair value^1^		(150	)		3,952			22,059			2,537
Items that are or may be reclassified to net earnings:
Exchange differences on translation of foreign operations		(11,769	)		11,803			(29,681	)		6,734
Other comprehensive income (loss), net of taxes	****	(11,919	)	****	15,755	****	****	(7,622	)	****	9,271	****
Total comprehensive loss	$	(84,042	)	$	(45,017	)	****	(121,471	)	****	(123,745	)
Other comprehensive income (loss) attributable to:
Equity holders	$	(11,923	)	$	15,750		$	(7,621	)	$	9,266
Non-controlling interest		4			5			(1	)		5
Other comprehensive income (loss)	$	(11,919	)	$	15,755	****	$	(7,622	)	$	9,271	****
Total comprehensive income (loss) attributable to:
Equity holders	$	(84,039	)	$	(45,020	)	$	(121,425	)	$	(123,730	)
Non-controlling interest		(3	)		3			(46	)		(15	)
Total comprehensive loss	$	(84,042	)	$	(45,017	)	$	(121,471	)	$	(123,745	)
^1^	Net of tax (Q3 2021—$0; Q3 2020—$(638); 2021—$(3,267); 2020—$(441))
---	---

See accompanying notes to condensed consolidated interim financial statements.

Cameco Corporation

Consolidated statements of financial position

(Unaudited)			As at
($Cdn thousands)	Note		Sep 30/21		Dec 31/20
Assets
Current assets
Cash and cash equivalents			$	1,214,768	$	918,382
Short-term investments				144,904		24,985
Accounts receivable				143,991		204,980
Current tax assets				7,727		8,184
Inventories		4		437,468		680,369
Supplies and prepaid expenses				92,596		89,428
Current portion of long-term receivables, investments and other		5		21,217		18,716
Total current assets				2,062,671		1,945,044
Property, plant and equipment				3,564,583		3,771,557
Intangible assets				52,142		55,822
Long-term receivables, investments and other		5		584,484		652,042
Investment in equity-accounted investee		6		200,466		219,688
Deferred tax assets				945,351		936,678
Total non-current assets				5,347,026		5,635,787
Total assets			$	7,409,697	$	7,580,831
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities				270,652		233,649
Current tax liabilities				3,646		1,480
Current portion of other liabilities		7		11,856		26,119
Current portion of provisions		8		39,009		42,535
Total current liabilities				325,163		303,783
Long-term debt				996,070		995,541
Other liabilities		7		190,761		166,559
Provisions		8		1,038,000		1,156,387
Total non-current liabilities				2,224,831		2,318,487
Shareholders’ equity
Share capital		9		1,900,189		1,869,710
Contributed surplus				229,488		237,358
Retained earnings				2,656,369		2,735,830
Other components of equity				73,497		115,457
Total shareholders’ equity attributable to equity holders				4,859,543		4,958,355
Non-controlling interest				160		206
Total shareholders’ equity				4,859,703		4,958,561
Total liabilities and shareholders’ equity			$	7,409,697	$	7,580,831

Commitments and contingencies [notes 8, 13]

See accompanying notes to condensed consolidated interim financial statements.

Cameco Corporation

Consolidated statements of changes in equity


		Contributed<br>surplus			Retained<br>earnings			Foreign<br>currency<br>translation			Equity<br>investments<br>at FVOCI			Total			Non-<br>controlling<br>interest			Total<br>equity
(Unaudited)
(Cdn thousands)
Balance at January 1, 2021	1,869,710	$	237,358		$	2,735,830		$	103,925		$	11,532		$	4,958,355		$	206		$	4,958,561
Net loss	—		—			(113,804	)		—			—			(113,804	)		(45	)		(113,849	)
Other comprehensive income (loss)	—		—			—			(29,680	)		22,059			(7,621	)		(1	)		(7,622	)
Total comprehensive income (loss) for the period	—		—			(113,804	)		(29,680	)		22,059			(121,425	)		(46	)		(121,471	)
Share-based compensation	—		3,366			—			—			—			3,366			—			3,366
Stock options exercised	30,479		(6,257	)		—			—			—			24,222			—			24,222
Restricted share units released	—		(4,979	)		—			—			—			(4,979	)		—			(4,979	)
Dividends	—		—			4			—			—			4			—			4
Transfer to retained earnings [note 17]	—		—			34,339			—			(34,339	)		—			—			—
Balance at September 30, 2021	1,900,189	$	229,488		$	2,656,369		$	74,245		$	(748	)	$	4,859,543		$	160		$	4,859,703
Balance at January 1, 2020	1,862,749	$	234,681		$	2,825,596		$	77,114		$	(5,415	)	$	4,994,725		$	238		$	4,994,963
Net loss	—		—			(132,996	)		—			—			(132,996	)		(20	)		(133,016	)
Other comprehensive income	—		—			—			6,729			2,537			9,266			5			9,271
Total comprehensive income (loss) for the period	—		—			(132,996	)		6,729			2,537			(123,730	)		(15	)		(123,745	)
Share-based compensation	—		5,037			—			—			—			5,037			—			5,037
Stock options exercised	714		(165	)		—			—			—			549			—			549
Restricted share units released	—		(2,301	)		—			—			—			(2,301	)		—			(2,301	)
Dividends	—		—			30			—			—			30			—			30
Balance at September 30, 2020	1,863,463	$	237,252		$	2,692,630		$	83,843		$	(2,878	)	$	4,874,310		$	223		$	4,874,533

All values are in US Dollars.

See accompanying notes to condensed consolidated interim financial statements.

Cameco Corporation

Consolidated statements of cash flows

(Unaudited)			Three months ended						Nine months ended
($Cdn thousands)	Note		Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Operating activities
Net loss			$	(72,123	)	$	(60,772	)	$	(113,849	)	$	(133,016	)
Adjustments for:
Depreciation and amortization				50,774			29,654			139,910			133,276
Deferred charges				3,871			(1,155	)		4,838			(2,112	)
Unrealized loss (gain) on derivatives				26,440			(30,642	)		8,172			(7,372	)
Share-based compensation		16		1,137			1,441			3,366			5,037
Loss (gain) on disposal of assets				(3,214	)		558			(3,217	)		509
Finance costs		11		18,933			16,866			56,581			52,778
Finance income				(1,635	)		(1,327	)		(5,410	)		(9,479	)
Share of earnings in equity-accounted investee				(11,130	)		(3,196	)		(33,332	)		(17,815	)
Other operating expense (income)		8		(2,163	)		6,861			(18,370	)		23,762
Other expense (income)		12		(12,725	)		10,749			(431	)		(20,675	)
Income tax recovery		13		(2,477	)		(5,477	)		(9,478	)		(13,077	)
Interest received				2,524			1,128			7,987			8,858
Income taxes received (paid)				7,532			1,966			8,151			(3,699	)
Dividends from equity-accounted investee				—			14,124			50,128			43,961
Other operating items		15		196,937			(46,907	)		304,314			(261,306	)
Net cash provided by (used in) operations			****	202,681	****	****	(66,129	)	****	399,360	****	****	(200,370	)
Investing activities
Additions to property, plant and equipment				(30,910	)		(16,384	)		(61,323	)		(49,461	)
Increase in short-term investments				(26,985	)		(5,002	)		(119,919	)		(19,988	)
Decrease in long-term receivables, investments and other				645			157			72,865			907
Proceeds from sale of property, plant and equipment				5,315			19			5,317			94
Net cash used in investing			****	(51,935	)	****	(21,210	)	****	(103,060	)	****	(68,448	)
Financing activities
Interest paid				(807	)		(199	)		(21,358	)		(20,861	)
Lease principal payments				(569	)		(731	)		(1,798	)		(2,026	)
Proceeds from issuance of shares, stock option plan				3,991			254			24,222			549
Dividends returned				—			—			5			30
Net cash provided by (used in) financing			****	2,615	****	****	(676	)	****	1,071	****	****	(22,308	)
Increase (decrease) in cash and cash equivalents, during the period				153,361			(88,015	)		297,371			(291,126	)
Exchange rate changes on foreign currency cash balances				3,725			(1,827	)		(985	)		1,451
Cash and cash equivalents, beginning of period				1,057,682			862,598			918,382			1,062,431
Cash and cash equivalents, end of period			$	1,214,768	****	$	772,756	****	$	1,214,768	****	$	772,756	****
Cash and cash equivalents is comprised of:
Cash										643,822			457,772
Cash equivalents										570,946			314,984
Cash and cash equivalents									$	1,214,768	****	$	772,756	****

See accompanying notes to condensed consolidated interim financial statements.

Cameco Corporation

Notes to condensed consolidated interim financial statements

(Unaudited)

(Cdn$ thousands, except per share amounts and as noted)

1. Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The condensed consolidated interim financial statements as at and for the period ended September 30, 2021 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in associates and joint arrangements.

Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe. The Company has mines in northern Saskatchewan and the United States, as well as a 40% interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom (Kazatomprom), located in Kazakhstan. JV Inkai is accounted for on an equity basis (see note 6).

Cameco’s Cigar Lake mine was placed in a temporary state of care and maintenance in March of 2020 due to the global COVID-19 pandemic. While production resumed in September, the mine returned to a temporary state of care and maintenance in January 2021 as a result of the pandemic. Production once again resumed in April 2021. Cameco also has two other operations in northern Saskatchewan which are in care and maintenance. Rabbit Lake was placed in care and maintenance in the second quarter of 2016 while operations at McArthur River/Key Lake were suspended indefinitely in the third quarter of 2018. Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are also not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 18 for the financial statement impact.

The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls a significant portion of the world UF6 primary conversion capacity in Port Hope, Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario. Also a result of the COVID-19 pandemic, production was temporarily suspended at the Port Hope UF6 conversion plant and at the Blind River refinery for approximately four weeks in the second quarter of 2020.

2. Significant accounting policies

A. Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with Cameco’s annual consolidated financial statements as at and for the year ended December 31, 2020.

These condensed consolidated interim financial statements were authorized for issuance by the Company’s board of directors on October 28, 2021.

B.Basis of presentation

These condensed consolidated interim financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date:

Derivative financial instruments	Fair value through profit or loss (FVTPL)
Equity securities	Fair value through other comprehensive income (FVOCI)
Liabilities for cash-settled share-based payment arrangements	Fair value through profit or loss (FVTPL)
Net defined benefit liability	Fair value of plan assets less the present value of the defined benefit obligation

The preparation of the condensed consolidated interim financial statements in conformity with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2020.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5 of the December 31, 2020 consolidated financial statements.

3. Accounting standards

A. New standards and interpretations not yet adopted

A new amendment to an existing standard is not yet effective for the period ended September 30, 2021 and has not been applied in preparing these condensed consolidated interim financial statements. Cameco does not intend to early adopt the following amendment.

i. Income tax

In May 2021, the International Accounting Standards Board issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction, which amended IAS 12, Income Taxes (IAS 12). The amendments are effective for periods beginning on or after January 1, 2023, with early adoption permitted. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences, such as leases and decommissioning liabilities. Cameco does not expect adoption of the standard to have a material impact on the financial statements.

4. Inventories

	Sep 30/21		Dec 31/20
Uranium
Concentrate	$	320,077	$	579,653
Broken ore	****	41,629		45,387
		361,706		625,040
Fuel services	****	74,352		52,273
Other	****	1,410		3,056
Total	$	437,468	$	680,369

Cameco expensed $333,182,000 of inventory as cost of sales during the third quarter of 2021 (2020—$334,361,000). For the nine months ended September 30, 2021, Cameco expensed $866,811,000 of inventory as cost of sales (2020—$1,048,730,000).

5. Long-termreceivables, investments and other

	Sep 30/21			Dec 31/20
Investments in equity securities [note<br>17]^(a)^	$	—	****	$	43,873
Derivatives [note 17]	****	36,661	****		45,605
Investment tax credits	****	95,722	****		95,642
Amounts receivable related to tax<br>dispute^(b)^	****	295,221	****		303,222
Product loan^(c)^	****	176,904	****		176,904
Other	****	1,193	****		5,512
	****	605,701	****		670,758
Less current portion	****	(21,217	)		(18,716	)
Net	$	584,484	****	$	652,042

(a) Cameco had designated the investments shown below as equity securities at FVOCI because these equity securities represented investments that the Company had intended to hold for the long term for strategic purposes. During the first quarter, Cameco started to divest of these securities since holding them no longer added value in terms of its strategic plan. There were no dividends recognized on any of these investments during the year.

	Sep 30/21		Dec 31/20
Investment in Denison Mines Corp.	$	—	$	20,677
Investment in UEX Corporation	****	—		13,005
Investment in Iso Energy Ltd.	****	—		6,923
Investment in GoviEx	****	—		2,875
Other	****	—		393
	$	—	$	43,873

(b) Cameco was required to remit or otherwise secure 50% of the cash taxes and transfer pricing penalties, plus related interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA) (see note 13). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties totalling $295,221,000 already paid as at September 30, 2021 (December 31, 2020—$303,222,000) (note 13).

(c) Cameco loaned 5,400,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay us in kind with uranium concentrate no later than December 31, 2023. The loan is recorded at Cameco’s weighted average cost of inventory.

6. Equity-accounted investee

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers (see note 19). Cameco holds a 40% interest in JV Inkai and Kazatomprom holds a 60% interest. Cameco does not have control over the joint venture so it accounts for the investment on an equity basis.

The following tables summarize the financial information of JV Inkai (100%):

	Sep 30/21			Dec 31/20
Cash and cash equivalents	$	16,498	****	$	47,539
Other current assets	****	150,827	****		115,647
Non-current assets	****	338,131	****		343,767
Current liabilities	****	(21,197	)		(26,397	)
Non-current liabilities	****	(39,365	)		(39,991	)
Net assets	$	444,894	****	$	440,565
	Three months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Revenue from products and services	$	97,194	****	$	30,979		$	170,022	****	$	98,461
Cost of products and services sold	****	(13,430	)		(6,729	)	****	(27,085	)		(28,031	)
Depreciation and amortization	****	(5,902	)		(2,673	)	****	(11,568	)		(10,248	)
Finance income	****	64	****		136		****	208	****		324
Finance costs	****	(192	)		(273	)	****	(604	)		(849	)
Other expense	****	(4,628	)		(2,374	)	****	(11,390	)		(4,910	)
Income tax expense	****	(14,747	)		(3,375	)	****	(24,325	)		(23,785	)
Net earnings from continuing operations	$	58,359	****	$	15,691	****	$	95,258	****	$	30,962	****
Other comprehensive income	****	—	****		—		****	—	****		—
Total comprehensive income	$	58,359	****	$	15,691		$	95,258	****	$	30,962

The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai:

	Sep 30/21			Dec 31/20
Opening net assets	$	440,565	****	$	442,074
Total comprehensive income	****	95,258	****		113,661
Dividends declared	****	(85,198	)		(64,456	)
Impact of foreign exchange	****	(5,731	)		(50,714	)
Closing net assets	****	444,894	****		440,565
Cameco’s share of net assets	****	177,958	****		176,226
Consolidating adjustments^(a)^	****	(43,312	)		(38,975	)
Fair value increment^(b)^	****	87,559	****		89,184
Dividends in excess of ownership<br>percentage^(c)^	****	(22,085	)		(9,669	)
Impact of foreign exchange	****	346	****		2,922
Carrying amount in the statement of financial position at September 30,2021	$	200,466	****	$	219,688
(a)	Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical<br>differences in accounting policies. This amount is amortized to earnings over units of production.
---	---
(b)	Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is<br>amortized to earnings over units of production.
---	---
(c)	Cameco’s share of dividends follows its production purchase entitlements which is currently higher than<br>its ownership interest.
---	---

7. Other liabilities

	Sep 30/21			Dec 31/20
Deferred sales	$	27,547	****	$	14,382
Derivatives [note 17]	****	3,960	****		4,733
Accrued pension and post-retirement benefit liability	****	93,999	****		91,729
Lease obligation [note 17]	****	5,604	****		7,951
Product loans^(a)^	****	15,912	****		6,045
Other	****	55,595	****		67,838
		202,617			192,678
Less current portion	****	(11,856	)		(26,119	)
Net	$	190,761	****	$	166,559

(a) Cameco has standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 1,977,000 kgU of UF6 conversion services and 2,606,000 pounds of U3O8 over the period 2020 to 2023 with repayment in kind up to December 31, 2023. Under the facilities, standby fees of up to 1% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 1.6%. At September 30, 2021, we have 1,103,000 kgU of UF6 conversion services drawn on the loans with repayment due no later than December 31, 2022. The loans are recorded at Cameco’s weighted average cost of inventory.

8. Provisions

	Reclamation			Waste disposal			Total
Beginning of year	$	1,189,600		$	9,322		$	1,198,922
Changes in estimates and discount rates
Capitalized in property, plant, and equipment		(103,798	)		—			(103,798	)
Recognized in earnings		(18,370	)		(133	)		(18,503	)
Provisions used during the period		(13,538	)		(331	)		(13,869	)
Unwinding of discount		15,554			54			15,608
Impact of foreign exchange		(1,351	)		—			(1,351	)
End of period	$	1,068,097	****	$	8,912	****	$	1,077,009	****
Current		36,407			2,602			39,009
Non-current		1,031,690			6,310			1,038,000
	$	1,068,097	****	$	8,912	****	$	1,077,009	****

9. Share capital

At September 30, 2021, there were 397,947,928 common shares outstanding. Options in respect of 3,571,438 shares are outstanding under the stock option plan and are exercisable up to 2027. For the quarter ended September 30, 2021, there were 195,158 options that were exercised resulting in the issuance of shares (2020—22,440). For the nine months ended September 30, 2021, there were 1,685,187 options exercised that resulted in the issuance of shares (2020—48,473).

10. Revenue

Cameco’s uranium and fuel services sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year.

The following tables summarize Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to Cameco’s reportable segments (note 18):

For the three months ended September 30, 2021

	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	155,581	$	59,332	$	10,951	$	225,864
Europe		44,655		18,043		—		62,698
Asia		70,064		2,590		—		72,654
	$	270,300	$	79,965	$	10,951	$	361,216
Contract type
Fixed-price	$	92,432	$	77,985	$	7,585	$	178,002
Market-related		177,868		1,980		3,366		183,214
	$	270,300	$	79,965	$	10,951	$	361,216
For the three months ended September 30, 2020
	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	105,006	$	47,078	$	—	$	152,084
Europe		49,751		21,137		—		70,888
Asia		147,425		8,473		—		155,898
	$	302,182	$	76,688	$	—	$	378,870
Contract type
Fixed-price	$	35,726	$	68,598	$	—	$	104,324
Market-related		266,456		8,090		—		274,546
	$	302,182	$	76,688	$	—	$	378,870
For the nine months ended September 30, 2021
	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	444,772	$	201,697	$	11,841	$	658,310
Europe		116,496		56,252		2,945		175,693
Asia		170,316		6,118		—		176,434
	$	731,584	$	264,067	$	14,786	$	1,010,437
Contract type
Fixed-price	$	226,576	$	257,182	$	11,421	$	495,179
Market-related		505,008		6,885		3,365		515,258
	$	731,584	$	264,067	$	14,786	$	1,010,437

For the nine months ended September 30, 2020

	Uranium		Fuel services		Other		Total
Customer geographical region
Americas	$	413,276	$	150,918	$	3,321	$	567,515
Europe		230,534		97,229		3,331		331,094
Asia		336,616		14,492		—		351,108
	$	980,426	$	262,639	$	6,652	$	1,249,717
Contract type
Fixed-price	$	201,333	$	252,843	$	3,331	$	457,507
Market-related		779,093		9,796		3,321		792,210
	$	980,426	$	262,639	$	6,652	$	1,249,717
11.	Finance costs
---	---
	Three months ended				Nine months ended
---	---	---	---	---	---	---	---	---
	Sep 30/21		Sep 30/20		Sep 30/21		Sep 30/20
Interest on long-term debt	$	9,792	$	10,799	$	29,459	$	31,950
Unwinding of discount on provisions	****	5,392		2,500	****	15,608		10,522
Other charges	****	3,749		3,567	****	11,514		10,306
Total	$	18,933	$	16,866	$	56,581	$	52,778
12.	Other income (expense)
---	---
	Three months ended					Nine months ended
---	---	---	---	---	---	---	---	---	---
	Sep 30/21		Sep 30/20			Sep 30/21		Sep 30/20
Foreign exchange gains (losses)	****	12,725		(10,750	)	****	431		20,676
Government assistance^(a)^	****	40		—		****	21,209		—
Other	****	—		—		****	—		202
Total	$	12,765	$	(10,750	)	$	21,640	$	20,878
(a)	In response to the negative economic impact of COVID-19, the Government<br>of Canada announced the Canada Emergency Wage Subsidy program (CEWS). CEWS provides a subsidy on eligible remuneration based on certain criteria. In 2021, the Company qualified for the subsidy for the periods January through June. There are no<br>unfulfilled conditions and other contingencies attached to this government assistance. Given new eligibility criteria that was recently introduced, Cameco has not yet determined whether it will apply for the CEWS in subsequent application periods.<br>
---	---

13.	Income taxes
	Three months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Earnings (loss) before income taxes
Canada	$	2,048	****	$	(21,172	)	$	4,980	****	$	(51,116	)
Foreign	****	(76,648	)		(45,077	)	****	(128,307	)		(94,977	)
	$	(74,600	)	$	(66,249	)	$	(123,327	)	$	(146,093	)
Current income taxes (recovery)
Canada	$	3,489	****	$	(73	)	$	2,767	****	$	(1,292	)
Foreign	****	(696	)		136		****	(306	)		659
	$	2,793	****	$	63		$	2,461	****	$	(633	)
Deferred income taxes (recovery)
Canada	$	(5,442	)	$	(5,645	)	$	(11,814	)	$	(15,934	)
Foreign	****	172	****		105		****	(125	)		3,490
	$	(5,270	)	$	(5,540	)	$	(11,939	)	$	(12,444	)
Income tax recovery	$	(2,477	)	$	(5,477	)	$	(9,478	)	$	(13,077	)

Cameco has recorded $945,351,000 of deferred tax assets (December 31, 2020—$936,678,000). The realization of these deferred tax assets is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s temporary tax differences are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded.

Canada

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour.

In September 2018, the Tax Court of Canada (Tax Court) ruled that the marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution.

The total tax reassessed for the three tax years was $11,000,000, and Cameco remitted 50%. Cameco has received refunds totaling about $5,500,000 plus interest.

In addition, on April 30, 2019, the Tax Court awarded Cameco $10,300,000 for legal fees incurred, plus an amount for disbursements of up to $16,700,000. The amount of the award was recognized as a reduction of administration expense in the first quarter of 2021.

If CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco will continue to utilize its appeal rights under Canadian federal and provincial tax rules.

14.	Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period. The weighted average number of paid shares outstanding in 2021 was 397,502,462 (2020 - 395,817,431).

	Three months ended						Nine months ended
	Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Basic loss per share computation
Net loss attributable to equity holders	$	(72,116	)	$	(60,770	)	$	(113,804	)	$	(132,996	)
Weighted average common shares outstanding	****	397,792	****		395,841		****	397,502	****		395,817
Basic loss per common share	$	(0.18	)	$	(0.15	)	$	(0.29	)	$	(0.34	)
Diluted loss per share computation
Net loss attributable to equity holders	$	(72,116	)	$	(60,770	)	$	(113,804	)	$	(132,996	)
Weighted average common shares outstanding	****	397,792	****		395,841		****	397,502	****		395,817
Dilutive effect of stock options	****	—	****		—		****	—	****		—
Weighted average common shares outstanding, assuming dilution	****	397,792	****		395,841		****	397,502	****		395,817
Diluted loss per common share	$	(0.18	)	$	(0.15	)	$	(0.29	)	$	(0.34	)
15.	Statements of cash flows
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	Three months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	Sep 30/21			Sep 30/20			Sep 30/21			Sep 30/20
Changes in non-cash working capital:
Accounts receivable	$	72,402	****	$	(53,156	)	$	56,268	****	$	54,165
Inventories	****	70,033	****		17,098		****	253,071	****		(347,022	)
Supplies and prepaid expenses	****	8,053	****		(927	)	****	(3,153	)		(11,654	)
Accounts payable and accrued liabilities	****	47,097	****		(7,410	)	****	17,818	****		34,701
Reclamation payments	****	(6,336	)		(3,093	)	****	(13,869	)		(14,558	)
Other	****	5,688	****		581		****	(5,821	)		23,062
Other operating items	$	196,937	****	$	(46,907	)	$	304,314	****	$	(261,306	)
16.	Share-based compensation plans
---	---
A.	Stock option plan
---	---

The Company has established a stock option plan under which options to purchase common shares may be granted to employees of Cameco. Options granted under the stock option plan have an exercise price of not less than the closing price quoted on the Toronto Stock Exchange (TSX) for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options carry vesting periods of one to three years, and expire eight years from the date granted.

The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 of which 30,025,485 shares have been issued.

B.	Executive performance share unit (PSU)

The Company has established a PSU plan whereby it provides each plan participant an annual grant of PSUs in an amount determined by the board. Each PSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the participant’s discretion provided they have met their ownership requirements, at the end of each three-year period if certain performance and vesting criteria have been met. The final value of the PSUs will be based on the value of Cameco common shares at the end of the three-year period and the number of PSUs that ultimately vest. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. Vesting of PSUs at the end of the three-year period is based on Cameco’s ability to meet its annual operating targets and whether the participating executive remains employed by Cameco at the end of the three-year vesting period. Prior to 2020, total shareholder return over three years was also a vesting condition. If the participant elects a cash payout, the redemption amount will be based on the volume-weighted average trading price of Cameo’s common shares on March 1 or, if March 1 is not a trading day, on the first trading day following March 1. As of September 30, 2021, the total number of PSUs held by the participants was 1,491,331 (December 31, 2020 - 1,720,636).

C.	Restricted share unit (RSU)

The Company has established an RSU plan whereby it provides each plan participant an annual grant of RSUs in an amount determined by the board. Each RSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the board’s discretion. The RSUs carry vesting periods of one to three years, and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the third anniversary of the date of the grant. These same participants, if they have met or are not subject to share ownership requirements, may elect to have their award paid as a lump sum cash amount. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. As of September 30, 2021, the total number of RSUs held by the participants was 1,086,296 (December 31, 2020 - 927,462).

Equity-settled plans

Cameco records compensation expense under its equity-settled plans with an offsetting credit to contributed surplus, to reflect the estimated fair value of units granted to employees. During the period, the Company recognized the following expenses under these plans:

	Three months ended				Nine months ended
	Sep 30/21		Sep 30/20		Sep 30/21		Sep 30/20
Stock option plan	$	67	$	209	$	295	$	792
Performance share unit plan	****	314		504	****	913		2,124
Restricted share unit plan	****	756		728	****	2,158		2,121
	$	1,137	$	1,441	$	3,366	$	5,037

The fair value of RSUs granted was determined based on their intrinsic value on the date of grant.

The inputs used in the measurement of the fair value at grant date of the equity-settled share-based payment plan were as follows:

	RSU
Number of options granted		168,496
Average strike price	$	20.25
Expected forfeitures		11	%
Weighted average grant date fair values	$	20.25

Cash-settled plans

During the period, the Company recognized the following expenses under these plans:

	Three months ended				Nine months ended
	Sep 30/21		Sep 30/20		Sep 30/21		Sep 30/20
Performance share unit plan	$	7,740	$	2,836	$	20,304	$	11,389
Restricted share unit plan	****	2,272		419	****	5,253		1,003
	$	10,012	$	3,255	$	25,557	$	12,392

The fair value of the units granted through the PSU plan was determined based on Monte Carlo simulation and the fair value of RSUs granted was determined based on their intrinsic value on the date of grant. Expected volatility was estimated by considering historic average share price volatility.

The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the grant and reporting dates were as follows:

	PSU						RSU
	Grant date			Reporting date			Grant date			Reporting date
	Mar 1/21			Sep 30/21			Mar 1/21			Sep 30/21
Number of units		369,110			1,491,331			245,530			670,706
Expected vesting		92	%		110	%		—			—
Expected volatility^(a)^		—			44	%		—			—
Risk-free interest rate^(a)^		—			0.1	%		—			—
Expected life of option		3.0 years			1.2 years			3.0 years			1.8 years
Expected forfeitures		10	%		4	%		10	%		10	%
Weighted average measurement date fair values	$	18.61		$	30.40		$	20.25		$	27.52
(a)	During the first quarter of 2020, the vesting conditions of the PSU plan were amended such that total<br>shareholder return is no longer included for new grants. Due to this change, expected volatility and the risk-free interest rate will no longer be considered in calculating the fair value of new grants.
---	---

17.	Financial instruments and related risk management
A.	Accounting classifications
---	---

The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the reporting date:

At September 30, 2021
	FVTPL		Amortizedcost		FVOCI -designated		Total
Financial assets
Cash and cash equivalents^(a)^	$	—	$	1,214,768	$	—	$	1,214,768
Short-term investments		—		144,904		—		144,904
Accounts receivable		—		143,991		—		143,991
Derivative assets [note 5]
Foreign currency contracts		36,461		—		—		36,461
Interest rate contracts		200		—		—		200
	****	36,661	****	1,503,663	****	—	****	1,540,324
Financial liabilities
Accounts payable and accrued liabilities		—		270,652		—		270,652
Lease obligation [note 7]		—		5,604		—		5,604
Derivative liabilities [note 7]
Foreign currency contracts		3,321		—		—		3,321
Interest rate contracts^(c)^		639		—		—		639
Long-term debt		—		996,070		—		996,070
	****	3,960	****	1,272,326	****	—	****	1,276,286
Net	****	32,701	****	231,337	****	—	****	264,038
At December 31, 2020
---	---	---	---	---	---	---	---	---	---	---
	FVTPL		Amortizedcost			FVOCI -designated		Total
Financial assets
Cash and cash equivalents	$	—	$	918,382		$	—	$	918,382
Short-term investments		—		24,985			—		24,985
Accounts receivable		—		204,980			—		204,980
Derivative assets [note 5]
Foreign currency contracts		45,605		—			—		45,605
Investments in equity securities [note 5]		—		—			43,873		43,873
	$	45,605	$	1,148,347	****	$	43,873	$	1,237,825	****
Financial liabilities
Accounts payable and accrued liabilities	$	—	$	233,649		$	—	$	233,649
Lease obligation [note 7]		—		7,951			—		7,951
Derivative liabilities [note 7]
Foreign currency contracts		4,733		—			—		4,733
Long-term debt		—		995,541			—		995,541
	****	4,733	****	1,237,141	****	****	—	****	1,241,874	****
Net	$	40,872	$	(88,794	)	$	43,873	$	(4,049	)

(a) Cameco has pledged $192,828,000 of cash as security against certain of its letter of credit facilities. This cash is being used as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of five years effective July 1, 2018. Cameco retains full access to this cash.

(b) During the year, Cameco divested of certain of its investments in equity securities. The fair value at the date of derecognition and the cumulative gain or loss on disposal for the nine months ended September 30, 2021 were as follows:

	Fair Value		Gain (loss)
Investment in Denison Mines Corp.	$	34,827	$	15,257
Investment in UEX Corporation	****	19,605		8,758
Investment in Iso Energy Ltd.	****	10,756		8,078
Investment in GoviEx	****	3,558		2,996
Other	****	265		(750	)
	$	69,011	$	34,339

The gains are presented net of tax. Cameco has elected to transfer these cumulative net gains from equity investments at FVOCI to retained earnings in the statement of changes in equity.

(c) During the quarter Cameco entered into interest rate swap contracts whereby fixed rate payments on a notional amount of $25,000,000 of the Series H senior unsecured debentures were swapped for variable rate payments. Under the terms of the swap, Cameco makes interest payments based on the three-month Canada Dealer Offered Rate plus an average margin of 1.6% and receives fixed interest payments of 2.95%.

B.	Fair value hierarchy

The fair value of an asset or liability is generally estimated as the amount that would be received on sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair values of assets and liabilities traded in an active market are determined by reference to last quoted prices, in the principal market for the asset or liability. In the absence of an active market for an asset or liability, fair values are determined based on market quotes for assets or liabilities with similar characteristics and risk profiles, or through other valuation techniques. Fair values determined using valuation techniques require the use of inputs, which are obtained from external, readily observable market data when available. In some circumstances, inputs that are not based on observable data must be used. In these cases, the estimated fair values may be adjusted in order to account for valuation uncertainty, or to reflect the assumptions that market participants would use in pricing the asset or liability.

All fair value measurements are categorized into one of three hierarchy levels, described below, for disclosure purposes. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities:

Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the reporting date for identical assets or liabilities.

Level 2 – Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

When the inputs used to measure fair value fall within more than one level of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety.

The following tables summarize the carrying amounts and fair values of Cameco’s financial instruments that are measured at fair value, including their levels in the fair value hierarchy:

As at September 30, 2021
				Fair value
	Carrying value			Level 1		Level 2			Total
Derivative assets [note 5]
Foreign currency contracts	$	36,461	****	$	—	$	36,461		$	36,461
Interest rate contracts	****	200	****		—		200			200
Derivative liabilities [note 7]
Foreign currency contracts	****	(3,321	)		—		(3,321	)		(3,321	)
Interest rate contracts	****	(639	)		—		(639	)		(639	)
Long-term debt	****	(996,070	)		—		(1,112,456	)		(1,112,456	)
Net	$	(963,369	)	$	—	$	(1,079,755	)	$	(1,079,755	)
As at December 31, 2020
---	---	---	---	---	---	---	---	---	---	---	---
				Fair value
	Carrying value			Level 1		Level 2			Total
Derivative assets [note 5]
Foreign currency contracts	$	45,605	****	$	—	$	45,605		$	45,605
Investments in equity securities [note 5]	****	43,873	****		43,873		—			43,873
Derivative liabilities [note 7]
Foreign currency contracts	****	(4,733	)		—		(4,733	)		(4,733	)
Long-term debt	****	(995,541	)		—		(1,173,280	)		(1,173,280	)
Net	$	(910,796	)	$	43,873	$	(1,132,408	)	$	(1,088,535	)

The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable approximation of fair value. The carrying value of Cameco’s cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities approximates its fair value as a result of the short-term nature of the instruments.

There were no transfers between level 1 and level 2 during the period. Cameco does not have any financial instruments that are classified as level 3 as of the reporting date.

C.	Financial instruments measured at fair value

Cameco measures its derivative financial instruments, material investments in equity securities and long-term debt at fair value. Investments in publicly held equity securities are classified as a recurring level 1 fair value measurement while derivative financial instruments and current and long-term debt are classified as recurring level 2 fair value measurements.

The fair value of investments in equity securities is determined using quoted share prices observed in the principal market for the securities as of the reporting date. The fair value of Cameco’s long-term debt is determined using quoted market yields as of the reporting date, which ranged from 0.7% to 1.9% (2020—0.3% to 1.1%).

Foreign currency derivatives consist of foreign currency forward contracts, options and swaps. The fair value of foreign currency options is measured based on the Black Scholes option-pricing model. The fair value of foreign currency forward contracts and swaps is measured using a market approach, based on the difference between contracted foreign exchange rates and quoted forward exchange rates as of the reporting date.

Interest rate derivatives consist of interest rate swap contracts. The fair value of interest rate swaps is determined by discounting expected future cash flows from the contracts. The future cash flows are determined by measuring the difference between fixed interest payments to be received and floating interest payments to be made to the counterparty based on Canada Dealer Offer Rate forward interest rate curves.

Where applicable, the fair value of the derivatives reflects the credit risk of the instrument and includes adjustments to take into account the credit risk of the Company and counterparty. These adjustments are based on credit ratings and yield curves observed in active markets at the reporting date.

D.	Derivatives

The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial position:

	Sep 30/21			Dec 31/20
Non-hedge derivatives:
Foreign currency contracts	$	33,140	****	$	40,872
Interest rate contracts	****	(439	)		—
Net	$	32,701	****	$	40,872
Classification:
Current portion of long-term receivables, investments and other [note 5]	$	20,467	****	$	16,466
Long-term receivables, investments and other [note 5]	****	16,194	****		29,139
Current portion of other liabilities [note 7]	****	(585	)		(1,658	)
Other liabilities [note 7]	****	(3,375	)		(3,075	)
Net	$	32,701	****	$	40,872

The following table summarizes the different components of the gain (loss) on derivatives included in net earnings (loss):

	Three months ended					Nine months ended
	Sep 30/21			Sep 30/20		Sep 30/21			Sep 30/20
Non-hedge derivatives:
Foreign currency contracts	$	(15,905	)	$	20,506	$	7,356	****	$	(10,940	)
Interest rate contracts	****	(439	)		224	****	(439	)		6,060
Net	$	(16,344	)	$	20,730	$	6,917	****	$	(4,880	)
18.	Segmented information
---	---

Cameco has two reportable segments: uranium and fuel services. Cameco’s reportable segments are strategic business units with different products, processes and marketing strategies. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services.

During the quarter, Cameco determined that NUKEM no longer meets the criteria for being considered a segment and concluded that it is appropriate to include NUKEM’s results with its uranium and fuel services segments. NUKEM’s purchase and sale of uranium concentrate and conversion services are now being reported internally as part of its uranium and fuel services businesses and should therefore be included with those businesses for segment reporting. The purchase and sale of enriched uranium product and separative work units will continue to be reported in “other”. Comparative information has been adjusted.

Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production suspensions. Cameco expensed $41,491,000 of care and maintenance costs during the third quarter of 2021 (2020 - $55,024,000). For the nine months ended September 30, 2021, Cameco expensed $162,669,000 (2020 - $155,073,000). Included in these amounts are $17,726,000 for the third quarter of 2020 and $40,359,000 for the nine months ended September 30, 2021 (2020 - $45,988,000) relating to care and maintenance costs for operations suspended as a result of COVID-19. Also included in cost of sales as a result of the Cigar Lake production suspension, is the impact of increased purchasing activity at a higher cost than produced pounds.

Cost of sales in the fuel services segment also includes care and maintenance costs for our operations that have had production suspensions as a result of COVID-19. Cameco expensed $8,992,000 in the second quarter of 2020.

Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies. Segment revenues, expenses and results include transactions between segments incurred in the ordinary course of business. These transactions are priced on an arm’s length basis, are eliminated on consolidation and are reflected in the “other” column.

Business segments

For the three months ended September 30, 2021

	Uranium			Fuel services			Other			Total
Revenue	$	270,300		$	79,965		$	10,951		$	361,216
Expenses
Cost of products and services sold		265,016			60,204			11,337			336,557
Depreciation and amortization		35,446			10,207			5,121			50,774
Cost of sales		300,462			70,411			16,458			387,331
Gross profit (loss)	****	(30,162	)	****	9,554	****	****	(5,507	)	****	(26,115	)
Administration		—			—			39,522			39,522
Exploration		2,799			—			—			2,799
Research and development		—			—			1,794			1,794
Other operating income		(1,806	)		(357	)		—			(2,163	)
Gain on disposal of assets		(3,214	)		—			—			(3,214	)
Finance costs		—			—			18,933			18,933
Loss on derivatives		—			—			16,344			16,344
Finance income		—			—			(1,635	)		(1,635	)
Share of earnings from equity-accounted investee		(11,130	)		—			—			(11,130	)
Other income		—			—			(12,765	)		(12,765	)
Earnings (loss) before income taxes	****	(16,811	)	****	9,911	****	****	(67,700	)	****	(74,600	)
Income tax recovery											(2,477	)
Net loss										$	(72,123	)

For the three months ended September 30, 2020
	Uranium			Fuel services		Other			Total
Revenue	$	302,182		$	76,688	$	—		$	378,870
Expenses
Cost of products and services sold		318,172			54,690		—			372,862
Depreciation and amortization		18,010			10,235		1,409			29,654
Cost of sales		336,182			64,925		1,409			402,516
Gross profit (loss)	****	(34,000	)	****	11,763	****	(1,409	)	****	(23,646	)
Administration		—			—		30,414			30,414
Exploration		1,914			—		—			1,914
Research and development		—			—		493			493
Other operating expense		6,861			—		—			6,861
Loss on disposal of assets		169			389		—			558
Finance costs		—			—		16,866			16,866
Gain on derivatives		—			—		(20,730	)		(20,730	)
Finance income		—			—		(1,327	)		(1,327	)
Share of earnings from equity-accounted investee		(3,196	)		—		—			(3,196	)
Other expense		—			—		10,750			10,750
Earnings (loss) before income taxes	****	(39,748	)	****	11,374	****	(37,875	)	****	(66,249	)
Income tax recovery										(5,477	)
Net loss									$	(60,772	)
For the nine months ended September 30, 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
	Uranium			Fuel services			Other			Total
Revenue	$	731,584		$	264,067		$	14,786		$	1,010,437
Expenses
Cost of products and services sold		749,899			162,943			11,595			924,437
Depreciation and amortization		100,420			28,306			11,184			139,910
Cost of sales		850,319			191,249			22,779			1,064,347
Gross profit (loss)	****	(118,735	)	****	72,818	****	****	(7,993	)	****	(53,910	)
Administration		—			—			90,484			90,484
Exploration		5,853			—			—			5,853
Research and development		—			—			5,385			5,385
Other operating income		(17,700	)		(670	)		—			(18,370	)
Gain on disposal of assets		(3,216	)		(1	)		—			(3,217	)
Finance costs		—			—			56,581			56,581
Gain on derivatives		—			—			(6,917	)		(6,917	)
Finance income		—			—			(5,410	)		(5,410	)
Share of earnings from equity-accounted investee		(33,332	)		—			—			(33,332	)
Other income		—			—			(21,640	)		(21,640	)
Earnings (loss) before income taxes	****	(70,340	)	****	73,489	****	****	(126,476	)	****	(123,327	)
Income tax recovery											(9,478	)
Net loss										$	(113,849	)

For the nine months ended September 30, 2020
	Uranium			Fuel services		Other			Total
Revenue	$	980,427		$	262,639	$	6,651		$	1,249,717
Expenses
Cost of products and services sold		946,722			168,012		3,990			1,118,724
Depreciation and amortization		95,942			29,446		7,888			133,276
Cost of sales		1,042,664			197,458		11,878			1,252,000
Gross profit (loss)	****	(62,237	)	****	65,181	****	(5,227	)	****	(2,283	)
Administration		—			—		100,073			100,073
Exploration		8,312			—		—			8,312
Research and development		—			—		1,668			1,668
Other operating expense		23,762			—		—			23,762
Loss on disposal of assets		126			383		—			509
Finance costs		—			—		52,778			52,778
Loss on derivatives		—			—		4,880			4,880
Finance income		—			—		(9,479	)		(9,479	)
Share of earnings from equity-accounted investee		(17,815	)		—		—			(17,815	)
Other income		(201	)		—		(20,677	)		(20,878	)
Earnings (loss) before income taxes	****	(76,421	)	****	64,798	****	(134,470	)	****	(146,093	)
Income tax recovery										(13,077	)
Net loss									$	(133,016	)
19.	Related parties
---	---

Cameco purchases uranium concentrate from JV Inkai. For the quarter ended September 30, 2021, Cameco had purchases from JV Inkai of $67,320,000 ($53,596,000 (US)) (2020—$28,826,000 ($21,348,000 (US))). For the nine month period ended September 30, 2021, purchases were $117,941,000 ($94,000,000 (US)) (2020—$48,025,000 ($35,914,000 (US))).

20.	Comparative figures

Certain prior year balances have been reclassified to conform to the current financial statement presentation.

EX-99.4

Exhibit 99.4

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Tim Gitzel, president and chief executive officer of Cameco Corporation, certify that:

1.	I have reviewed this quarterly report on Form 6-K **** of Cameco<br>Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act<br>Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
---	---
(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being prepared;
---	---
(b)	designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
---	---
(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br>control over financial reporting; and
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Page 2

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the registrant’s internal control over financial reporting.
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Date: October 29, 2021

“Tim Gitzel”
Tim Gitzel
President and Chief Executive Officer

EX-99.5

Exhibit 99.5

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Grant Isaac, senior vice-president and chief financial officer, of Cameco Corporation, certify that:

1.	I have reviewed this quarterly report on Form 6-K **** of Cameco<br>Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act<br>Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
---	---
(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being prepared;
---	---
(b)	designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
---	---
(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br>control over financial reporting; and
---	---

Page 2

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the registrant’s internal control over financial reporting.
---	---

Date: October 29, 2021

“Grant Isaac”
Grant Isaac
Senior Vice-President<br>and Chief Financial Officer