Cameco Corp 6-K, filed Mar 22, 2024

About this 6-K

Cameco Corp (CCJ)

6-K 2024-03-22 For: 2024-03-22

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Added on April 09, 2026

Date: March 22, 2024

Cameco Corporation

/s/ Sean A. Quinn

Sean A. Quinn

Senior Vice-President, Chief Legal Officer and Corporate Secretary

Cameco Corp filed this 6-K on March 22, 2024.

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Exhibit No.		Description

99.1		Press Release dated March 22, 2024

99.2		Cigar Lake Technical Report dated March 22, 2024


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


1 SUMMARY			1

1.1 Preamble			1

1.2 Introduction			1

1.3 Property tenure			2

1.4 Location and site description			2

1.5 Geology and mineralization			3

1.6 Exploration of Cigar Lake deposit			4

1.7 Mineral resources and mineral reserves			4

1.8 Mining			7

1.9 Processing			9

1.10 Environmental assessment and licensing			10

1.11 Cigar Lake water inflow incidents and remediation			11

1.12 Current status of development			11

1.13 Production plan			12

1.14 Economic analysis and costs			13

1.15 Mining and milling risks			14

1.16 Conclusions and recommendations			14

2 INTRODUCTION			17

2.1 Introduction and purpose			17

2.2 Report basis			18

3 RELIANCE ON OTHER EXPERTS			19

4 PROPERTY DESCRIPTION AND LOCATION			20

4.1 Location			20

4.2 Mineral tenure			21

4.3 Surface tenure			25

4.4 Royalties			28

4.5 Known environmental liabilities			28

4.6 Permitting			28

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY			29

5.1 Access			29

5.2 Climate			31

5.3 Physiography			31

5.4 Local resources			31


5.5 Mine and infrastructure			32

6 HISTORY			35

6.1 Ownership			35

6.2 Exploration and development history			36

6.3 Historical mineral resource and mineral reserve estimates			38

6.4 Historical production			38

7 GEOLOGICAL SETTING AND MINERALIZATION			39

7.1 Regional geology			39

7.2 Local geology			39

7.3 Property geology			42

7.4 Mineralization			46

8 DEPOSIT TYPES			48

9 EXPLORATION			49

9.1 ORANO 1980 – present			49

9.2 Cameco 2007 – present			54

10 DRILLING			55

10.1 Surface drilling			55

10.2 Underground drilling			60

10.3 Factors that could materially affect the accuracy of the results			62

11 SAMPLE PREPARATION, ANALYSES AND SECURITY			63

11.1 Sample density and sampling methods			63

11.2 Core recovery			63

11.3 Sample quality and representativeness			64

11.4 Sample preparation by Cameco employees			64

11.5 Sample preparation			64

11.6 Assaying			65

11.7 Radiometric surveying			65

11.8 Density sampling			67

11.9 Quality assurance/quality control			67

11.10 Adequacy of sample preparation, assaying, QA/QC and security			70

12 DATA VERIFICATION			72

13 MINERAL PROCESSING AND METALLURGICAL TESTING			73

13.1 Cigar Lake processing metallurgical test work			73

13.2 McClean Lake processing metallurgical test work			73

14 MINERAL RESOURCE ESTIMATES			76


14.1 Definitions			76

14.2 Key assumptions, parameters and methods			76

14.3 Geological modelling			79

14.4 Compositing			81

14.5 Block modelling			85

14.6 Validation			86

14.7 Mineral resource classification			87

14.8 Factors that could materially affect the mineral resource estimate			89

15 MINERAL RESERVE ESTIMATES			91

15.1 Definitions			91

15.2 Key assumptions, parameters and methods			91

15.3 Mineral reserves estimation and classification			95

15.4 Factors that could materially affect the mineral reserves estimate			96

16 MINING METHODS			98

16.1 Design parameters			98

16.2 Mine design			105

16.3 Mine production			117

17 RECOVERY METHODS			123

17.1 Overview			123

17.2 Cigar Lake flowsheet			123

17.3 Processing at McClean Lake			124

17.4 McClean Lake mill flowsheet			124

18 PROJECT INFRASTRUCTURE			126

18.1 Cigar Lake infrastructure			126

18.2 McClean Lake infrastructure			126

19 MARKET STUDIES AND CONTRACTS			128

19.1 Markets			128

19.2 Material contracts for property development			129

19.3 Uranium price assumptions used for economic analysis			130

20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT			133

20.1 Regulatory framework			133

20.2 Licences and permits			133

20.3 Environmental assessment			134


20.4 Environmental aspects			135

20.5 Decommissioning and reclamation			137

20.6 Known environmental liabilities			138

20.7 Social and community factors			139

21 CAPITAL AND OPERATING COSTS			141

21.1 Capital and other costs			141

21.2 Operating cost estimates			143

22 ECONOMIC ANALYSIS			145

22.1 Economic analysis			145

22.2 Sensitivities			147

22.3 Payback			147

22.4 Mine life			147

22.5 Taxes			148

22.6 Royalties			148

23 ADJACENT PROPERTIES			149

24 OTHER RELEVANT DATA AND INFORMATION			150

24.1 Cigar Lake water inflow incidents			150

24.2 Mining and milling risks			150

24.3 Caution about forward-looking information			153

25 INTERPRETATION AND CONCLUSIONS			155

26 RECOMMENDATIONS			157

27 REFERENCES			158

28 DATE AND SIGNATURE PAGE			161


TABLE 1-1: CIGAR LAKE MINERAL RESOURCES – DECEMBER 31, 2023			5
TABLE 1-2: CIGAR LAKE MINERAL RESERVES – DECEMBER 31, 2023			6
TABLE 3-1: RELIANCE ON OTHER EXPERTS			19
TABLE 4-1: CIGAR LAKE OPERATION - MINERAL CLAIMS STATUS			24
TABLE 6-1: CIGAR LAKE HISTORICAL PRODUCTION (100% BASIS)			38
TABLE 9-1: SUMMARY OF EXPLORATION OUTSIDE OF ML 5521			52
TABLE 13-1: McCLEAN LAKE OVERALL MILL RECOVERY (2014 TO 2023)			75
TABLE 14-1: GENERAL SUMMARY OF CL MAIN SEARCH PARAMETERS FOR ORDINARY KRIGING MODEL (U₃O₈and DENSITY)			85
TABLE 14-2: GENERAL SUMMARY OF CLEXT SEARCH PARAMETERS			86
TABLE 14-3: RECONCILIATION OF PRODUCTION AND MODEL			87
TABLE 14-4: CIGAR LAKE MINERAL RESOURCES – DECEMBER 31, 2023			89
TABLE 15-1: CIGAR LAKE MINERAL RESERVES – DECEMBER 31, 2023			95
TABLE 16-1: UNDERGROUND MINING EQUIPMENT			115
TABLE 16-2: CAVITY DILUTION FACTORS			119
TABLE 16-3: CIGAR LAKE 2024 – 2036 PLANNED PRODUCTION SCHEDULE SUMMARY			121
TABLE 19-1: EXPECTED AVERAGE REALIZED URANIUM PRICES BY YEAR			132
TABLE 21-1: CLJV CAPITAL AND OTHER COSTS FORECAST BY YEAR			142
TABLE 21-2: CLJV OPERATING COST FORECAST BY YEAR			144
TABLE 22-1: CLJV ECONOMIC ANALYSIS – CAMECO’S SHARE			146


FIGURE 1-1: MINE PRODUCTION			13
FIGURE 1-2: MILL PRODUCTION			13
FIGURE 4-1: CIGAR LAKE MINERAL PROPERTY LOCATION			21
FIGURE 4-2: MINERAL LEASE AND MINERAL CLAIMS			23
FIGURE 4-3: SURFACE LEASE, MINERAL LEASE AND MINERAL CLAIMS			25
FIGURE 4-4: MAP OF MINE FACILITIES AND SURFACE LEASE BOUNDARY			27
FIGURE 5-1: CIGAR LAKE SITE - REGIONAL LOCATION AND ROADS			30
FIGURE 5-2: SITE PLAN OF EXISTING AND PLANNED SURFACE FACILITIES			34
FIGURE 7-1: GEOLOGICAL MAP OF NORTHERN SASKATCHEWAN			40
FIGURE 7-2: CIGAR LAKE - REGIONAL BASEMENT GEOLOGY			42
FIGURE 7-3: BASEMENT GEOLOGY OF THE CL MAIN AREA RELATIVE TO MINERALIZATION			44
FIGURE 7-4: BASEMENT GEOLOGY OF THE CLEXT AREA RELATIVE TO MINERALIZATION			45
FIGURE 7-5: CL MAIN DEPOSIT - SCHEMATIC CROSS SECTION LOOKING WEST			46
FIGURE 9-1: EXPLORATION WORK AREAS OUTSIDE OF ML 5521			51
FIGURE 10-1: CIGAR LAKE DEPOSIT - SURFACE EXPLORATION AND DELINEATION DRILLHOLE LOCATIONS			57
FIGURE 10-2: CIGAR LAKE DEPOSIT - SURFACE FREEZE HOLE LOCATIONS (CL MAIN)			58
FIGURE 10-3: CL MAIN GEOLOGICAL CROSS SECTION AT 10781E – LOOKING WEST (±3 m)			59
FIGURE 10-4: UNDERGROUND GEOTECHNICAL DIAMOND DRILLHOLE LOCATION MAP - CL MAIN			61
FIGURE 11-1: GT COMPARISON OF eU₃O₈ CORRELATION AGAINST CHEMICAL ASSAY			66
FIGURE 11-2: CIGAR LAKE STANDARDS (CL MAIN AND CLEXT): BL4A, BL2A, CL-1, BL5, CL-2, CL-3, CL-4, AND CL-5			68
FIGURE 11-3: CIGAR LAKE (CL MAIN AND CLEXT) PULP DUPLICATE AR-ICP RESULTS			70
FIGURE 14-1: MINERAL RESOURCE AND RESERVE ESTIMATES - DECEMBER 31, 2023			78
FIGURE 14-2: ISOMETRIC VIEW OF CL MAIN MINERALIZED PODS AND LENSES			79
FIGURE 14-3: CL MAIN INTERNAL HIGH-GRADE DOMAINS			80
FIGURE 14-4: SECTION 10749E (±1 m) SHOWING HIGH-GRADE DOMAIN (MAGENTA) WITHIN EAST POD (GREEN) RELATIVE TO DRILL COMPOSITE GRADES – LOOKING WEST			80
FIGURE 14-5: ISOMETRIC VIEW OF CLEXT MINERALIZED LENSES			81
FIGURE 14-6: SECTION 9170E (±8 m) SHOWING LENSES AND DRILL COMPOSITES - LOOKING WEST			81
FIGURE 14-7: HISTOGRAM AND SUMMARY STATISTICS OF ALL CL MAIN %U₃O₈ AND DENSITY COMPOSITES			83


FIGURE 14-8: HISTOGRAM AND SUMMARY STATISTICS OF ALL CLEXT %U₃O₈ AND DENSITY COMPOSITES			84
FIGURE 14-9: CL MAIN MINERAL RESOURCE CLASSIFICATION INCLUDING MINERALIZED POTENTIAL			88
FIGURE 14-10: CLEXT MINERAL RESOURCE CLASSIFICATION INCLUDING MINERALIZED POTENTIAL			88
FIGURE 15-1: CL MAIN MINERAL RESERVES - ESTIMATED JBS CAVITY GRADE DISTRIBUTION – PLAN VIEW			93
FIGURE 15-2: CLEXT MINERAL RESERVES - ESTIMATED JBS CAVITY GRADE DISTRIBUTION – PLAN VIEW			94
FIGURE 16-1: GEOTECHNICAL DOMAINS OF THE 480L OF CL MAIN WITH INTERPRETED FAULT ZONES			100
FIGURE 16-2: GEOTECHNICAL DOMAINS OF THE 480L OF CLEXT WITH INTERPRETED FAULT ZONES			101
FIGURE 16-3: CL MAIN GEOTECHNICAL SCHEMATIC CROSS SECTION AT 10783E – LOOKING WEST			102
FIGURE 16-4: CLEXT GEOTECHNICAL SCHEMATIC CROSS SECTION AT 9580E – LOOKING WEST			103
FIGURE 16-5: THREE-DIMENSIONAL GENERAL MINE LAYOUT OF CL MAIN AND CLEXT – LOOKING NORTHWEST			106
FIGURE 16-6: CL MAIN FREEZE HOLE LAYOUT			112
FIGURE 16-7: CLEXT FREEZE HOLE LAYOUT			113
FIGURE 16-8: SCHEMATIC VERTICAL SECTION OF THE JBS MINING METHOD			118
FIGURE 16-9: MINE PRODUCTION			122
FIGURE 16-10: MILL PRODUCTION			122
FIGURE 17-1: CIGAR LAKE ORE PROCESSING ACTIVITIES – BLOCK DIAGRAM			124
FIGURE 22-1: CIGAR LAKE OPERATION SENSITIVITY ANALYSIS			147


3D		three-dimensional

%		percent

°		degrees

°C		degrees Celsius

CCD		counter current decantation

CLJV		Cigar Lake Joint Venture

eU3O8		equivalent uranium oxide

g		grams

h		hour(s)

ha		hectares (10,000 square metres)

hp		horsepower

Hwy		highway

IRR		internal rate of return

JBS		jet boring system

km		kilometres

km²		square kilometres

kV		kilovolts

kW		kilowatts

L		litre

lbs		pounds

M		million

m		metres

m³		cubic metres

m³/h		cubic metres per hour


m³/s		cubic metres per second

MASL		metres above sea level (elevation)

MLJV		McClean Lake Joint Venture

mm		millimetres

MW		megawatts

NPV		net present value

SX		solvent extraction

t		tonnes (metric)

U		uranium

% U		percent uranium (% U x 1.179 = % U₃O₈)

U₃O₈		uranium oxide (yellowcake)

% U₃O₈		percent uranium oxide (% U₃O₈ x 0.848 = % U)

$Cdn		Canadian dollars

$US		US dollars

$/t		Canadian dollars per tonne

US$/lb		US dollars per pound

>		greater than

<		less than


Category	Area	Total tonnes (x 1,000)		Grade % U₃O₈		Total M lbs U₃O₈		Cameco’s share M lbs U₃O₈
Measured and Indicated
Measured	CL Main		86.3		5.32		10.1		5.5
Indicated	CL Main		30.6		6.61		4.5		2.4
Indicated	CLEXT		113.0		4.98		12.4		6.8
Total Measured and Indicated			229.9		5.32		27.0		14.7
Inferred
Inferred	CL Main		6.2		4.41		0.6		0.3
Inferred	CLEXT		157.1		5.60		19.4		10.6
Total Inferred			163.4		5.55		20.0		10.9


UTM Northing =		Mine Northing + 6426697.9

UTM Easting =		Mine Easting + 516518.7

UTM Elevation =		Mine Elevation + 1000 = MASL + 1000


Name	Title	Section Number (description)
Kevin Nagy, M.Sc.	Director, Compliance and Licensing, Cameco	1.10 (description of Environmental assessment and licensing) 4.5 (description of Known environmental liabilities) 4.6 (description of Permitting) 20 (description of Environmental studies, permitting and social or community impact), excluding Section 20.7

Candice Murray, JD	Director Legal Services, SHEQ, Regulatory Relations and Corporate Responsibility, Cameco	1.3 (description of Property tenure) 4.2 (description of Mineral tenure) 4.3 (description of Surface tenure) 6.1 (description of Ownership) 19.2 (description of Material contracts for property development)

Jill Johnson, MPAcc, CPA, CA	Senior Director, Tax and Treasury, Cameco	4.4 (description of Royalties) 22.5 (description of Taxes) 22.6 (description of Royalties)


Lease/Claim	Record Date		Area		Annual		Next Payment
ML 5521 (Lease)		1981-Dec-01		308		Yearly Rent		2024-Dec-01
MC00012765		2019-Mar-27		2,533	$	38,007		2042-Mar-28
S-106541		1975-Dec-16		4,270	$	106,750		2043-Dec-16
S-106542		1975-Dec-16		3,039	$	75,975		2037-Dec-16
S-106543		1975-Dec-16		4,316	$	107,900		2041-Dec-16
S-106545		1975-Dec-16		4,410	$	110,250		2041-Dec-16
S-106546		1975-Dec-16		4,334	$	108,350		2042-Dec-16
S-106547		1975-Dec-16		2,550	$	63,750		2043-Dec-16
S-106556		1975-Dec-16		635	$	15,875		2042-Dec-16
S-106557		1975-Dec-16		935	$	23,375		2042-Dec-16
S-106558		1975-Dec-16		1,872	$	46,800		2042-Dec-16
S-106559		1975-Dec-16		2,210	$	55,250		2042-Dec-16
S-106560		1975-Dec-16		4,742	$	118,550		2042-Dec-16
S-106561		1975-Dec-16		3,150	$	78,750		2042-Dec-16
S-106562		1975-Dec-16		4,175	$	104,375		2041-Dec-16
S-106563		1975-Dec-16		4,149	$	103,725		2042-Dec-16
S-106564		1975-Dec-16		3,945	$	98,625		2041-Dec-16
S-113756		1975-Dec-16		1,900	$	47,510		2043-Dec-16
S-113757		1975-Dec-16		2,223	$	55,568		2042-Dec-16
S-113758		1975-Dec-16		1,484	$	37,108		2042-Dec-16
S-113759		1975-Dec-16		823	$	20,565		2041-Dec-16
S-113760		1975-Dec-16		2,076	$	51,910		2042-Dec-16
S-113761		1975-Dec-16		1,523	$	38,081		2042-Dec-16
S-113762		1975-Dec-16		1,510	$	37,740		2042-Dec-16
S-113763		1975-Dec-16		1,489	$	37,213		2042-Dec-16
S-113764		1975-Dec-16		2,273	$	56,826		2042-Dec-16
S-113765		1975-Dec-16		2,268	$	56,710		2042-Dec-16
S-113766		1975-Dec-16		2,290	$	57,262		2042-Dec-16
S-113767		1975-Dec-16		2,192	$	54,792		2042-Dec-16
S-113768		1975-Dec-16		1,244	$	31,095		2043-Dec-16
S-113769		1975-Dec-16		3,232	$	80,799		2042-Dec-16
S-113770		1975-Dec-16		2,111	$	52,764		2043-Dec-16
S-113771		1975-Dec-16		2,021	$	50,532		2042-Dec-16
S-113772		1975-Dec-16		1,028	$	25,696		2043-Dec-16
S-113773		1975-Dec-16		3,405	$	85,131		2042-Dec-16
S-113774		1975-Dec-16		1,047	$	26,175		2043-Dec-16
S-113775		1975-Dec-16		3,647	$	91,178		2042-Dec-16
S-113776		1975-Dec-16		918	$	22,946		2043-Dec-16
S-113777		1975-Dec-16		3,323	$	83,075		2040-Dec-16


	Mine Production						McClean Lake Packaged Production
Year	Total tonnes (x 1,000)		Grade % U₃O₈		M lbs U₃O₈		M lbs U₃O₈
2013-2014		3.3		7.16		0.5		0.3
2015		30.3		20.03		13.4		11.3
2016		37.3		21.56		17.7		17.3
2017		36.5		22.24		17.9		18.0
2018		43.1		19.00		18.0		18.0
2019		46.1		17.86		18.1		18.0
2020		24.6		17.34		9.4		10.1
2021		34.3		16.60		12.5		12.2
2022		53.7		15.76		18.7		18.0
2023		48.8		14.09		15.2		15.1


	Diamond drillholes		Airborne geophysics		Ground geophysics		Other exploration
Year	# holes	Metres drilled	Type	Line km	Type	Line km	Type
2009	14	7,733			Fixed Loop EM	51	Historical drill core logging and resampling
					Small Moving Loop EM	44
					Pole- pole DC 2D Resistivity	51
2010	15	8,040					Relogging and resampling of historical drill core
2011	11	5,366			Moving loop EM	37
2012	10	4,108			Moving loop EM Dipole-pole-dipole DC Resistivity	44 89	Re-sampling and re-boxing of historical drill core
2013	16	8,040			Moving loop EM Dipole-pole-dipole DC Resistivity	32 80	Re-sampling and re-boxing of historical drill core
2014	19	9,044			Moving loop EM Dipole-pole-dipole DC Resistivity	37 68
2015	24	12,456			Moving loop EM Stepwise moving loop EM	63 4
2016	25	13,302			ML-SQUID TEM Swath Resistivity	108 67.7	Petrography samples and Hyperspectral scanning of drill core
2017	30	16,937			ML-SQUID TEM DC Resistivity	8.95 135.2	Relogging program of Cigar North drill holes.
2018	27	14,634	VTEM	3990.0	ML-SQUID TEM	35.9
2019	28	14,904			ML-SQUID TEM	54.3
2020	13	6,180			ML-SQUID TEM DC Resistivity	11.9 17.5	Water hammer drill test holes (included in reported meterage)
2023	14	5,068					Borehole EM (WC-592)

Total	380	174,753				3,153


Year	Average Overall Mill Recovery²
2014¹		97.6
2015		99.0
2016		99.1
2017		99.0
2018		98.9
2019		98.9
2020		98.8
2021		98.7
2022		98.9
2023		98.9

Average³		98.9


	West Pod low grade				West Pod high grade				East Pod low grade				East Pod high grade
	U₃O₈		Density		U₃O₈		Density		U₃O₈		Density		U₃O₈		Density
Bearing		080		080		080		080		100		100		100		100
Dip		0		0		0		0		0		0		0		0
Plunge		0		0		0		0		0		0		0		0
Major axis (m)		35		40		35		40		65		60		100		90
Semi-major axis (m)		20		15		20		15		20		20		35		35
Minor axis (m)		5		5		5		5		5		5		5		5


	Lower Unconformity lens low grade				Lower Unconformity lens high grade				Upper Unconformity lens low grade
	U₃O₈		Density		U₃O₈		Density		U₃O₈		Density
Bearing		090		090		090		090		090		090
Dip		0		0		0		0		0		0
Plunge		0		0		0		0		0		0
Major axis (m)		40-60		40-60		22-23		22-23		60		60
Semi-major axis (m)		12-15		12-15		17-22		17-22		20		20
Minor axis (m)		4-6		4-6		3-4		3-4		6		6


Actual versus Estimated (% difference)
Year	Tonnes			Lbs U₃O₈
2014-2015		6.7			1.8
2016		2.3			-3.6
2017		-0.5			-2.1
2018		2.1			-6.5
2019		8.4			1.6
2020		-0.2			-4.7
2021		4.3			6.7
2022		10.5			18.6
2023		14.7			-4.7

Total		6.0	%		0.6	%


Description	Existing Fleet		Future Additional
Jet boring units		3
JBS grout pump		1
Tunnel heading excavators		2
Batch plant for shotcrete		1
Scooptrams (various sizes)		4		2
Electric hydraulic jumbo drill		3
Bolter		1
MAI grout pumps		3
Scissor lift truck		2
Concrete pump – for backfill		3
Various shotcrete/concrete sprayers		3
Concrete transmixer trucks		2
Skid steers		3
Telehandlers / forklifts		9
Small excavators		2
ANFO loader		1
Roadheader		1
Personnel carriers		0		3
Service truck / utility deck truck		0		2
Crane		1


Dilution Type	avg%
Hanging wall/Footwall Dilution		26.2
Pilot Hole Dilution		1.8
Adjacent Backfill Dilution		6

Total Dilution		34


Description	2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		Total or Mean
Mill packaged production (M lbs U₃O₈)		18.0		18.0		18.0		18.0		18.0		18.0		18.0		18.0		18.0		18.0		18.0		7.2		0.7		205.9
Mine production (t x 1,000)		51.6		51.8		51.7		51.6		45.3		45.0		40.7		41.3		49.0		47.2		46.3		29.5		3.6		554.5
Mill feed grade (% U₃O₈)		16.7		16.0		15.9		16.5		17.7		18.1		21.3		19.8		17.0		17.8		18.0		10.6		8.8		17.0


Price assumptions	2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036
Cigar Lake average price $US/lb		49		52		55		57		58		60		61		62		62		63		63		63		63
Cigar Lake average price $Cdn/lb		64		66		69		71		73		75		76		78		78		79		79		79		79
Exchange rate $1.00 US = $Cdn		1.30		1.27		1.25		1.25		1.25		1.25		1.25		1.25		1.25		1.25		1.25		1.25		1.25


Capital Costs ($Cdn M)	2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		Total
Cigar Lake Mine Development	$	34.0	$	36.1	$	60.9	$	51.8	$	46.9	$	48.7	$	38.9	$	36.6	$	16.5	$	1.9	$	1.4	$	2.0	$	3.1	$	378.7
Cigar Lake Mine Capital
Production Tunnel Outfitting		18.0		7.0		13.9		0.1		2.0		11.0		9.7		17.8		22.9		14.1		20.3		1.7		—		138.5
Ground Freezing System		9.9		51.6		41.0		11.4		6.6		3.3		1.9		2.7		1.6		—		—		—		—		129.9
Other Mine Capital		41.4		38.4		21.6		37.3		39.0		36.9		37.7		24.7		18.5		12.6		8.1		3.6		—		319.9

Total Mine Capital		69.3		96.9		76.5		48.8		47.7		51.2		49.3		45.2		43.0		26.7		28.4		5.4		—		588.3

McClean Lake Mill Capital
Tailings Expansion		—		—		—		15.2		—		0.8		10.7		13.3		12.4		—		—		—		—		52.6
Other Mill Capital		43.9		36.9		16.3		15.6		15.5		15.8		15.7		16.3		19.8		18.3		9.1		4.6		—		227.7

Total Mill Capital		43.9		36.9		16.3		30.8		15.5		16.6		26.4		29.6		32.2		18.3		9.1		4.6		—		280.3

Total Capital Costs	$	147.2	$	169.9	$	153.7	$	131.4	$	110.1	$	116.5	$	114.6	$	111.4	$	91.7	$	46.9	$	39.0	$	12.0	$	3.1	$	1,247.3


Operating Costs ($Cdn M)	2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		Total
Cigar Lake Mining
Site Administration	$	56.2	$	55.8	$	54.0	$	55.4	$	55.5	$	55.3	$	55.4	$	55.2	$	55.1	$	53.2	$	53.1	$	52.6	$	8.8	$	665.5
Mining Costs		100.7		96.6		90.8		86.8		86.6		86.7		87.5		86.2		80.5		80.7		73.9		56.0		3.5		1,016.5
Process		32.6		31.9		31.6		28.7		30.0		31.1		32.7		32.8		27.8		29.1		27.8		23.0		0.8		359.8
Corporate Overhead		17.1		17.6		17.5		13.6		13.5		13.6		13.4		13.1		12.1		11.2		10.3		8.6		1.3		163.0

Total Mining Costs		206.5		201.9		193.9		184.5		185.5		186.8		189.0		187.3		175.5		174.2		165.2		140.3		14.4		2,204.8

McClean Lake Milling
Administration		56.6		54.6		52.4		51.8		51.6		52.3		51.9		53.3		52.8		52.5		52.3		35.0		6.7		623.8
Milling Costs		100.7		97.0		93.2		92.1		91.7		93.0		92.3		94.7		93.8		93.3		93.0		62.2		12.0		1,109.1
Corporate Overhead		9.3		9.0		8.6		8.5		8.5		8.6		8.6		8.8		8.7		8.6		8.6		5.8		1.1		102.8
Toll Milling		29.3		19.8		17.4		17.2		17.3		16.3		16.5		15.2		13.7		13.7		13.7		5.5		0.5		196.1

Total Milling Costs		196.0		180.4		171.7		169.7		169.0		170.2		169.3		172.0		168.9		168.1		167.7		108.4		20.4		2,031.8

Total Operating Costs	$	402.5	$	382.2	$	365.6	$	354.1	$	354.5	$	357.0	$	358.3	$	359.4	$	344.5	$	342.3	$	332.8	$	248.6	$	34.8	$	4,236.6

Total Operating Cost per lb U3O8	$	22.36	$	21.23	$	20.31	$	19.67	$	19.70	$	19.83	$	19.90	$	19.96	$	19.14	$	19.02	$	18.49	$	34.53	$	49.67	$	20.58


Economic Analysis ($Cdn M)	2024			2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		Total
Production volume (000’s lbs U3O8)		9,818			9,818		9,818		9,818		9,818		9,818		9,818		9,818		9,818		9,818		9,818		3,927		382		112,312
Sales revenue	$	628.4		$	653.1	$	677.5	$	697.1	$	716.7	$	736.4	$	746.2	$	765.8	$	765.8	$	775.7	$	775.7	$	310.3	$	30.2	$	8,278.8
Operating costs		219.1			226.7		207.7		201.1		201.3		203.1		203.7		205.0		189.3		194.2		189.0		135.5		18.6		2,394.4
Capital costs		80.3			92.7		83.8		71.7		60.0		63.6		62.5		60.8		50.0		25.6		21.3		6.5		1.7		680.4
Basic royalty		26.7			27.8		28.8		29.6		30.5		31.3		31.7		32.5		32.5		33.0		33.0		13.2		1.3		351.9
Resource surcharge		18.9			19.6		20.3		20.9		21.5		22.1		22.4		23.0		23.0		23.3		23.3		9.3		0.9		248.4
Profit royalty		16.1			16.1		33.6		55.6		60.3		62.4		64.0		67.0		70.9		75.4		76.8		22.0		1.2		621.2
Net pre-tax cash flow	$	267.4		$	270.3	$	303.3	$	318.2	$	343.2	$	353.9	$	361.9	$	377.5	$	400.0	$	424.3	$	432.4	$	123.7	$	6.5	$	3,982.6

Pre-tax NPV (8%) to January 1, 2024	$	2,459.3
Pre-tax IRR (%)		8.3	%


“signed and sealed” Biman Bharadwaj, P.Eng. Cameco Corporation				March 22, 2024

“signed and sealed” C. Scott Bishop, P.Eng. Cameco Corporation				March 22, 2024

“signed and sealed” Alain D. Renaud, P.Geo. Cameco Corporation				March 22, 2024

“signed and sealed” Lloyd Rowson, P.Eng. Cameco Corporation				March 22, 2024